“The lower rating reflects CNE’s prolonged period of extremely weak financial performance, thin balance sheet metrics, and declining volume trends that portend deeper utilization challenges and competitive threats within its overall service market,” said Jennifer Soule, an S&P Global Ratings credit analyst.
The outlook is negative, reflecting uncertainties regarding CNE’s ability to shore up finances and close Pawtucket, R.I-based Memorial Hospital in a timely manner. In addition, S&P acknowledged CNE’s continued struggle to formalize a partnership with another provider.
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