S&P lowers Baptist Health South Florida's rating to 'AA-'

Standard & Poor's Ratings Services has lowered its long-term rating to "AA-" from "AA" on Coral Gables-based Baptist Health South Florida's $250 million of series 2011 taxable notes.

"The lowered rating reflects BHSF's significantly weaker operating performance and cash flow, with deficit operations through the three months ended Dec. 31, 2015, and with our expectation that operations will remain stressed in the near term," said S&P credit analyst Stephen Infranco.

The outlook is stable, reflecting S&P's view of BHSF's strong management team, sound business position and expectation that management will be prudent in its capital spending over the two-year outlook period.

Moody's also lowered its long-term rating to "AA-" from "AA" on BSHF's series 2007 revenue bonds.

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