S&P Global Ratings lowered Humacao, Puerto Rico-based Ryder Memorial Hospital's rating on $7.8 million of series 1994A bonds to "B+" from "BB-."
The hospital's one-year outlook is negative and may be lowered within the one-year period if the hospital experiences a dramatic decline in patient volume or reimbursement leading to further operating losses.
"The negative outlook reflects the tenuous financial situation in Puerto Rico overall and the uncertain future of government reimbursement for all Puerto Rico hospitals," said S&P analyst Jennifer Soule.