Newport Hospital’s investments were down 6.8 percent from last year. In fiscal year 2008, the hospital’s investments decline 15.6 percent from $36 million in realized and unrealized losses, according to the report.
However, Fitch maintained Newport Health’s rating because it believes the hospital will return to “bottom line profitability” over the medium term. Additionally, Newport Hospital plans on paying off $5 million in debt this year, which Fitch says will help lighten the hospital’s manageable debt burden, according to the report.
Newport Hospital cites decreasing patient volume and rising expenses as causes for its growing operational losses. Fitch sees the hospital’s efforts to recruit new physicians and its affiliation with the larger Lifespan Corp. system as further reasons for optimism regarding the hospital’s financial situation.
Read the Business News’ report about Newport Hospital’s expected $15.6 million loss.
