“The downgrade reflects Tower Health’s significant ongoing operating losses that are expected to continue in fiscal 2023, and a steep decline in unrestricted reserves to a level that we view as highly vulnerable,” said S&P Global Ratings credit analyst Anne Cosgrove.
The negative outlook reflects a 1 in 3 chance the rating could be further downgraded if management is unable to stem the operating losses and execute on a plan to stabilize the organization, or if unrestricted reserves decline further, S&P said.
Tower Health is aiming to sell a number of its urgent care centers and has retained Houlihan Lokey in an advisory capacity to help it “strengthen the system’s financial structure.”
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