“The downgrade reflects our view of MHSC’s operating performance through the first six months of fiscal [year] 2018 ended Dec. 31 which, while positive, were below budget expectations and largely dependent on special purpose tax receipts,” S&P Global Ratings credit analyst Wendy Towber said.
In addition, the downgrade reflects a trend of declining financial performance, which has negatively affected the hospital’s cash position.
The outlook was revised to stable from negative at the lower rating.
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