Here are five health systems that had their outlooks lowered by Fitch Ratings or Moody's in 2025:
Boston Medical Center's outlook was revised to negative from stable by Moody's. The negative outlook reflects heightened risk of financial losses from its acquisition of two hospitals from Dallas-based Steward Health Care, coupled with the system's already weaker financial position following a challenging 2024, Moody's said. The system has a "Baa2" rating with Moody's.
Brown University Health's outlook was revised to negative from stable by Fitch. The revision reflects that the Providence, R.I.-based system's operations fell short of Fitch's expectations, despite some improvement in 2024. The system has a "BBB+" rating with Fitch.
Crouse Health System's outlook was revised to negative from stable by Fitch. The revision reflects "considerable uncertainty regarding recent and unexpected changes" to New York's directed payment template, Fitch said. The Syracuse, N.Y.-based system has a "BB" rating with Fitch.
Northern Light Health's outlook was revised to negative from "ratings under review" by Moody's. The ratings agency said the Brewer, Maine has "very weak" financial performance, with significant challenges reversing cashflow losses and stemming further declines in already low liquidity. The negative outlook reflects the risk of further declines in liquidity and challenges related to the slow pace of operating performance improvement. Northern Light has a "Ba3" rating with Moody's.
South Shore Hospital's outlook was revised to negative from stable by Moody's. The revision reflects the Weymouth, Mass.-based hospital's "persistently weak" operating performance, which Moody's expects to continue into 2025 as it faces expense challenges related to disruption within its market. South Shore Hospital has a "Baa2" rating with Moody's.