S&P Global Ratings has assigned a "BBB-" long-term rating to Chicago-based Presence Health's $970 million of series 2016 fixed rate bonds.
"The rating reflects our view of the network's 12 hospitals and large physician network, as well as its solid business position in the Chicago metro area with a substantially new management team that is focusing on improving operations," said S&P analyst Suzie Desai. The new team includes CFO Jim Kelly, who joined Presence this spring.
The outlook is negative, reflecting S&P's view of Presence Health's continued operating losses in fiscal year 2016. Presence reported a $186 million loss in 2015.