While management has plans for a financial turnaround, which should lead to some operating recovery in fiscal 2024, results are expected to remain negative over the near term with a “gradual recovery,” Fitch said.
The two-hospital system was downgraded from “AA-” to “A+” and the outlook is stable. Further downgrades cannot be ruled out, Fitch said.
Heritage Valley Health operates 465 beds in its two facilities close to Pittsburgh.
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