Recent cyberattacks on healthcare organizations have raised concerns about potential financial repercussions, particularly regarding their credit ratings. However, according to Fitch Ratings, these cyber incidents are unlikely to impact the credit standings of the affected organizations.
Ascension
St. Louis-based Ascension, a 140-hospital system, experienced a ransomware attack on May 8. Despite this attack, Fitch Ratings maintains a positive outlook on Ascension's financial health.
The ratings agency said that Ascension's strong liquidity provides a substantial rating cushion, which Fitch expects to cause only minor disruptions and financial losses.
Change Healthcare
Another case involves nonprofit hospitals who are managed by Change Healthcare, the subsidiary of UnitedHealthcare that was hit by a ransomware attack in February.
Despite the incident, Fitch Ratings confirmed that the incident would not adversely affect the credit ratings of the nonprofit hospitals involved as long as hospitals can go back to normal soon and if hospitals keep enough money on hand.
Lurie Children's
Fitch also said that a January cyberattack on Chicago-based Lurie Children's Hospital was unlikely to impact its credit rating.
According to the ratings agency, it doesn't expect the cyberattack to lower Lurie Children's credit rating, "provided the hospital is able to return to normal operations in the near term."
Fitch says cyberattacks have not resulted in any credit rating downgrades thus far.