Concurrently, S&P placed its “CCC” rating on CRMC on CreditWatch with negative implications.
“The downgrade and CreditWatch placement reflects the significant deterioration in the financial position of the hospital and the possibility of hospital closure or bankruptcy filing in the near term,” said S&P credit analyst Melanie Her. “Management is in the process of securing an affiliation or partnership agreement with a larger healthcare system to operate CRMC. We expect to receive more information on its progress within the next 90 days and will resolve our CreditWatch as this information becomes available.”
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