“The downgrade and rating assignment reflect our opinion that Partners’ financial profile is no longer commensurate with an ‘AA’ rating, with operating and cash flow margins that are well below our expectations for the rating level, even when adjusted for non-recurring items,” said S&P credit analyst Jennifer Soule.
The outlook is stable. Despite Partners’ large operating losses in fiscal year 2014, the stable outlook reflects its improved financial performance with Neighborhood Health Plan.
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