S&P downgrades Parrish Medical Center’s rating to ‘BBB’

S&P Global Ratings has downgraded the rating to “BBB” from “BBB+” on Titusville, Fla.-based Parrish Medical Center’s revenue debt.

Advertisement

“The downgrade reflects a multiyear trend of negative operating performance with accelerated losses in fiscal 2015,” said S&P analyst Margaret McNamara. “This was due in part to one-time adjustments and persistent and ongoing operating losses at the employed physician entity, which led to a covenant violation.”

The outlook is negative, reflecting continued pressure on PMC’s operational performance in spite of turnaround efforts.

More articles on healthcare finance:
La. begins enrolling 375k people into Medicaid, first state to expand registry through food stamp collections information
Most Americans cannot afford long-term care, survey finds
UPMC enters 3rd partnership in China

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.