Fitch downgrades Holy Redeemer Health System to 'BBB-'

Fitch Ratings downgraded Huntingdon Valley, Pa.-based Holy Redeemer Health System's revenue and refunding bonds to "BBB-" from "BBB."

Concurrently, Fitch assigned the health system an issuer default rating of "BBB-."

The downgrade and assignment are based on Holy Redeemer Health's weakened operating profitability, competitive market and mixed net leverage position.

The outlook was revised to negative from stable, based on the health system's pressured cash flow.

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