The move follows the agency’s placing of the system on CreditWatch with negative implications April 14 and the affirmation of a “CCC” rating in July. The CreditWatch category has now been removed and the system given a negative outlook, S&P said.
“The lower rating reflects our view of Kuakini’s sustained operating cash flow losses, extremely constrained liquidity position, and possible challenges with timely debt service payments over the coming year,” S&P said.
Kuakini Health reported an operating loss of $10.3 million on operating revenue of $155.5 million for the fiscal year ending June 30 with just nine days’ cash on hand.
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