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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