The S&P Global move Feb. 7 to downgrade the system to “BBB+” from “A-” follows a similar move from Fitch Jan. 18.
“The rating action reflects our view of Marshfield’s history of uneven performance with sizable operating losses in fiscal 2022, with expectation of lighter performance in 2023, and a weakened balance sheet profile,” said Suzie Desai, S&P Global Ratings credit analyst.
Marshfield, which has a growing presence in acute care services, owning and operating 11 such facilities, signed a memorandum of understanding with Duluth, Minn.-based Essentia Health to discuss a potential merger Oct. 12 that would include 25 hospitals.
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