UNC Health Southeastern, which is now part of the Chapel Hill, N.C.-based UNC Health system, was placed on CreditWatch with negative implications amid a lack of provided financial information, S&P Global said Feb. 23.
The failure to provide adequate and timely information, plus the system's negative operating performance, leads to the possibility of a multi-notch downgrade within 90 days, S&P warned. The system currently has a "BBB+" rating.
The health system has not historically been untimely in providing such information, S&P said, and the agency expects to receive a full audit for 2022 as well as to conduct a full review with management.
UNC Health Southeastern reported a $74 million loss for the period ending June 30, admitting the year had been "difficult."