S&P revises Westchester County Health Care Corp. to negative

S&P Global Ratings affirmed the "BBB" rating on Valhalla, N.Y.-based Westchester County Health Care Corp.'s series 2016, 2014A, 2011, 2010 and 2000 revenue and refunding bonds issued by Westchester County Local Development Corp.

Additionally, S&P affirmed its "BBB" rating on Suffern, N.Y.-based Bon Secours Charity Health System obligated group's $122 million taxable series 2015 revenue bonds, guaranteed by Westchester County Health Care Corp.

S&P also affirmed the "AA+/A-1+" dual rating on Westchester County Health Care Corp.'s series 2010D variable-rate demand bonds.

The long-term rating outlooks were revised to negative from stable.

"The outlook revision to negative reflects some weakening in operating performance due to the underlying operating loss at HealthAlliance, a new affiliation entity in Kingston, N.Y.," said Stephen Infranco, an S&P Global Ratings credit analyst. "Furthermore, the continued acquisition and expansion activity, while strengthening the overall geographic and revenue diversity of the system, has had a dilutive effect on some key metrics, including liquidity and financial flexibility." 

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