Lower-than-expected operating performance contributed to the downgrade, according to the note.
“The rating action reflects our view of St. Luke’s deterioration in unrestricted reserves, weakening already-light balance sheet metrics to levels no longer commensurate with an investment-grade rating,” said S&P Global Ratings credit analyst Concy Richards.
St. Luke’s is planning to merge with Wausau, Wis.-based Aspirus Health to form a 19-hospital system, a proposed deal that is facing extra scrutiny from Minnesota Attorney General Keith Ellison.
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