Fitch Ratings revised Appleton, Wis.-based ThedaCare's outlook to negative from stable.
Fitch also affirmed the "AA-" rating on ThedaCare's following bonds:
- $125.9 million of series 2015 bonds
- $18.5 million of series 2010 bonds
- $81.7 million of series 2009A bonds
- $14.8 million of series 2009B bonds
The outlook revision and rating affirmation are based on several factors, including ThedaCare's favorable liquidity ratios, leading market share and weakened operating margins in fiscal years 2015 and 2016.