S&P downgrades Holy Redeemer Health System to 'BBB'

S&P Global Ratings downgraded Meadowbrook, Pa.-based Holy Redeemer Health System's long term rating to "BBB" from "BBB+."

The downgrade is a result of several factors, including the health system's weaker-than-anticipated operating performance in fiscal year 2017, light debt service coverage, and highly competitive and consolidating market. S&P also acknowledged the health system's strong operational liquidity and manageable debt load.

The outlook is stable, reflecting the health system's conscious effort to improve operating performance through cost-saving measures and its healthy liquidity metrics.

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