The move reflects continued operating challenges and low patient volumes, Fitch said June 26.
Such operating challenges, including low days of cash on hand, could result in potential default of debt covenants, Fitch warned. As of March 31, the health system had $124 million of outstanding long-term debt compared with $133 million of cash and investments.
Even at the new lower “BBB” level, the health system rating remains “considerably pressured.”
The merger with Excela, which will see the two systems report financials separately, forms a new five-hospital health system with more than $1 billion of total annual revenues, Fitch said.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
