“The downgrade reflects significant financial losses generated by HealthSpan Partners’ insurance and physician care delivery operations, which were purchased by Mercy Health in 2013 and operated previously as Kaiser Foundation Health Plan of Ohio and Ohio Permanente Medical Group,” said S&P analyst Cynthia Keller. “Not only did the discontinued operations weaken financial 2015 results, it also interrupted the generally positive operating trend exhibited for the past few years which supported the ‘AA-‘ rating.”
The outlook is stable, reflecting Mercy Health’s adequate financial profile, growing system integration and strong market presence in Ohio.
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