While Fitch affirmed default ratings for HRHS at A-, the specific grade for financial outlook fell to negative from stable.
“The Negative Outlook reflects uncertainty around capital spending and the potential issuance of new debt to address infrastructure issues at the system’s main campus and expand inpatient/outpatient capacity,” Fitch said. “A master facilities planning process has begun, but cost estimates and timing are not yet available and the board has not approved any potential projects.”
HRHS is the parent company of Hannibal Regional Hospital with 86 licensed acute care beds and 13 rehabilitation care beds. The hospital is located approximately 114 miles north of St. Louis and maintains satellite clinics in 11 different locations.
HRHS has what Fitch terms “a small revenue base” of almost $226 million in fiscal 2022.
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