The proceeds were used to reduce an existing credit line by $350 million, with the remaining $33 million for financing new debt.
The new rating, the same as the system’s default rating, follows three straight downgrades the 51-hospital system endured earlier this year. The outlook for the new bonds is negative.
Providence, which has annual revenues of about $26.4 billion, operates in seven states and enjoys a leading market share in its key markets, Fitch said.
