“The lower rating of ‘BBB+’ reflects our view of Southcoast’s ongoing financial strain as evidenced by its uneven financial performance since fiscal 2013 and significant variance from budget through the first nine months of fiscal 2016 ended June 30, 2016,” said S&P analyst Jennifer Soule.
The outlook is negative, reflecting S&P’s “uncertainty about Southcoast’s ability to return to profitable operations through the next two years and the negative rating impact possible if Southcoast’s affiliation with Care New England is finalized,” said Ms. Soule.
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