Concurrently, S&P revised the outlook on the rating to stable from positive.
“The outlook revision reflects an operating revenue shortfall in fiscal 2017 relative to budget expectations and ongoing operating losses through the nine-month year-to-date period ended March 31, 2018,” said S&P credit analyst Melanie Her, adding that systemwide improvement initiatives will help the system sustain operations throughout the outlook period.
The hospital system was formerly known as the Daughters of Charity Health System.
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