Toledo, Ohio-based ProMedica had a rating watch negative grade removed on $1.8 billion of bonds, Fitch said Nov. 7. The overall rating for the 12-hospital system was affirmed at "BB-."
The decision to remove the negative watch follows the completion of the system's sale of its home health, hospice and palliative care business and subsequent repayment of $453 million in debt, Fitch said.
Operating performance at ProMedica is expected to stabilize in 2024 as the system focuses on its core operations and considers the future of several business lines and revenue streams, Fitch said.