The S&P ratings agency cited rapidly"declining operating margins" and a long run of operating losses in its report on the downgrade at Redeemer Health.Standard & Poor’s Global Ratings cut Redeemer Health’s credit rating by one notch, to “BB,” citing accelerating operating loses and declines in cash reserves at the nonprofit health system in Montgomery County.
Redeemer owns a hospital in Meadowbrook with 165 staffed beds, plus nursing homes, and other health care operations. It faces stiff competition from the nearby andRedeemer management expects to report a $45 million operating loss for the year that ended June 30, according to S&P.“This loss is three times larger than what had been originally budgeted and would have been worse absent receipt of approximately $14 million of relief funding,” S&P said in a report published Aug. 11.a $15.
Redeemer said in a statement that it was disappointed by the downgrade. “S&P concluded that Redeemer Health’s operating losses are largely due to sharply increased labor expenses, but the service area’s need for the system remains robust,” Redeemer said.
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Mara SantilliMara Santilli is a freelance health editor and writer specializing in content related to mental health, women's reproductive health, beauty, and skincare. Her work has appeared in InStyle, SHAPE, Women's Health, Cosmopolitan, Marie Claire, SELF, Glamour, Well+Good, and more. She also creates wellness content for brands including The Vitamin Shoppe, Cora, HUM Nutrition and Parsley Health.
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