Nuvance Health downgraded; consultant call-in likely

Danbury, Conn.-based Nuvance Health may not meet its debt service coverage obligations in fiscal 2023 and will therefore be likely to call in consultants, S&P Global said Sept. 21.

That news comes as the rating agency downgraded the seven-hospital system's outstanding debt from "BBB+" to "BBB." The outlook is negative.

"The downgrade reflects Nuvance's significant operating losses and diminished unrestricted reserves that provide limited cushion even at the current rating," said S&P Global Ratings credit analyst Anne Cosgrove.

Nuvance Health was similarly downgraded in July by Moody's, which warned that the system faced a "pivotal" next several quarters. The system had $2.6 billion in revenue in 2022.

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