Moody's Investors Service downgraded Prairie du Sac, Wis.-based Sauk Prairie Memorial Hospital's rating to "B1" from "Ba1," affecting approximately $38 million of series 2013A fixed rate bonds.
The downgrade is based on a number of factors, including SPH's elevated risk of debt acceleration, marked decline in financial performance and vulnerability as a small provider with close proximity to larger systems in Madison, Wis.
The outlook is negative, reflecting Moody's Investors Service's expectation that SPH will continue to experience financial pressure in the near term.