“A” ratings were affirmed on South Carolina’s largest health system, but S&P said a downgrade remains likely, especially if management cannot sufficiently stem operating expenses in the upcoming months.
“The negative outlook reflects Prisma Health’s weakened financial profile, including both profitability and balance sheet measures, coupled with our belief that the system had limited cushion at the rating ahead of this decline,” S&P said.
Working in the system’s favor was its strong market position. Prisma Health, a 12-acute care hospital system, had revenues totaling $2.9 billion for the six months ending March 31, S&P said.
Prisma Health had various ratings affirmed at “A-” with a stable outlook July 12 by Fitch Ratings.
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