Doylestown (Pa.) Health, which has faced significant financial challenges, received some encouragement April 26 as it was removed from a CreditWatch category.
The move from S&P Global follows a difficult period for the 100-year-old health system, which has said it has endured "extraordinary and unprecedented financial hardship." Doylestown Health had its long-term rating affirmed at "CCC," the ratings agency added.
The boost reflects early signs of turnaround projects designed to lower expenses. Concerns remain about the system's ability to sustain such improvement and about meeting debt requirements, however.
Doylestown Health, whose 247-bed flagship Doylestown Hospital anchors the system, is in the process of potentially selling a retirement community it operates.
CEO Jim Brexler, in an interview with Becker's, said he is determined to keep the system operating for another century.
"We will find a way to get the equilibrium back in terms of our P&L," he said. "What I can guarantee is that Doylestown will be delivering care well into its next century of care."