S&P Global Ratings downgraded Humacao, Puerto Rico-based Ryder Memorial Hospital to "CCC+" from "B+."
The downgrade reflects Ryder Memorial Hospital's weakened operating and financial profiles following Hurricane Maria, which destroyed its flagship facility. In addition, the downgrade is a result of ongoing uncertainty related to the hospital's ability to return to full operations post-storm. S&P expects that Ryder will not make debt service payments in the next two years because the recovery phase will be long and both patient volume and cash flow have been hindered.
The outlook is negative, reflecting the uncertainty of Ryder's ability to resume historical operations and volumes.