articles Ratings /ratings/en/research/articles/220811-u-s-not-for-profit-health-care-rating-actions-july-2022-12470023 content esgSubNav
In This List
COMMENTS

U.S. Not-For-Profit Health Care Rating Actions, July 2022

COMMENTS

Hurricane Ian: What Comes Next For Government And Related Credits In The Storm’s Broad Path?

COMMENTS

Hurricane Ian: Most Municipal Utility Ratings, Bolstered By Significant Liquidity, Are Expected To Be Unaffected

COMMENTS

Russia-Ukraine Military Conflict: Key Takeaways From Our Articles

COMMENTS

Cyber Risk In A New Era: U.S. Colleges And Universities Go Back To School On Cyber Security Preparedness


U.S. Not-For-Profit Health Care Rating Actions, July 2022

S&P Global Ratings affirmed 17 ratings without revising the outlooks and took eight actions in the U.S. not-for-profit health care sector in July 2022. There were two new sales in July. The eight rating and outlook actions consist of the following:

  • Two downgrades on standalone hospitals;
  • Two upgrades on standalone hospitals; and
  • Four unfavorable outlook revisions on two standalone hospitals and two health systems (all to negative from stable).

The table below summarizes S&P Global Ratings' monthly bond rating actions for U.S. not-for-profit health care providers in July. We based the credit rating affirmations and rating actions on several factors within enterprise and financial profiles, including business position, utilization, financial performance, debt levels, bond-issuance activity, physician relationships, and the external regulatory and reimbursement environment. This also incorporates our stable sector view and our assessment of COVID-19, staffing and inflationary pressures, economic developments, and investment market volatility.

July 2022 Not-For-Profit Health Care Ratings Actions
Hospitals State Rating Outlook Action Description

Children's Hospitals and Clinics of Minnesota

MN AA- Stable Rating maintained Credit quality consistent with existing rating

The Christ Hospital

OH A- Stable Rating maintained Credit quality consistent with existing rating

Cottage Health

CA AA- Stable Rating maintained Credit quality consistent with existing rating

Dawson County Hospital District

TX CCC+ Stable Rating raised from 'CCC'; previous outlook positive Lessened default, bankruptcy, and liquidity risk

Fort Healthcare

WI A- Stable Rating raised from 'BBB+'; previous outlook positive Consistently healthy financial profile metrics

Henry Mayo Newhall Hospital

CA BBB- Stable Rating maintained Credit quality consistent with existing rating

Kalispell Regional Medical Center

MT BBB Stable Rating maintained Credit quality consistent with existing rating

King County Public Hospital District No. 1 (dba Valley Medical Center)

WA BBB+ Negative Rating lowered from 'A-'; previous outlook stable Ongoing losses, lower unrestricted reserves, and market share decline

Nash Health Care Systems

NC BBB Stable Rating maintained Credit quality consistent with existing rating

Reid Health

IN A- Stable New sale; rating maintained Credit quality consistent with existing rating

Renown Regional Medical Center

NV A Stable Rating lowered from 'A+'; previous outlook stable Declining operating performance and weak balance sheet metrics

Rogers Memorial Hospital

WI A Stable Rating maintained Credit quality consistent with existing rating

San Antonio Regional Hospital

CA BBB Positive Rating maintained Credit quality consistent with existing rating

Self Regional Healthcare

SC A+ Stable Rating maintained Credit quality consistent with existing rating

The Health Care Authority for Baptist Health

AL BBB+ Stable Rating maintained Credit quality consistent with existing rating

Touro Infirmary

LA A Negative Rating maintained; outlook revised from stable Based on relationship to LCMC under our group rating methodology criteria

Tucson Medical Center

AZ A Negative Rating maintained; outlook revised from stable Weaker operating performance and lower unrestricted reserves

Valley Children's Hospital

CA AA- Stable Rating maintained Credit quality consistent with existing rating
Health systems

Carle Foundation

IL AA- Stable Rating maintained Credit quality consistent with existing rating

Intermountain HealthCare

UT AA+ Stable New sale; rating maintained Credit quality consistent with existing rating

Kaiser Foundation Hospitals (Kaiser Permanente)

CA AA- Stable Rating maintained Credit quality consistent with existing rating

Kettering Health Network

OH A+ Stable Rating maintained Credit quality consistent with existing rating

Louisiana Children's Medical Center (LCMC)

LA A+ Negative Rating maintained; outlook revised from stable Unexpected financial profile weakening

MedStar Health

MD A Stable Rating maintained Credit quality consistent with existing rating

Yale New Haven Health

CT AA- Negative Rating maintained; outlook revised from stable Multiyear trend of operating weakness and lower unrestricted reserves

This report does not constitute a rating action.

Primary Credit Analyst:Alexander Nolan, Centennial + 1 (303) 721 4501;
alexander.nolan@spglobal.com
Secondary Contact:Cynthia S Keller, Augusta + 1 (212) 438 2035;
cynthia.keller@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back