Annapolis, Md.-based Luminis Health was downgraded from "A" to "A-" amid "consistently negative operating performance and modest cash flow," according to S&P Global in an Oct. 25 report.
Ongoing labor and inflationary pressures are likely to keep operating performance pressured even as management takes initiatives to stem losses, S&P said. The outlook is stable.
The two-hospital system, anchored by the 447-bed Anne Arundel Medical Center, reported an operating loss of $56.6 million on revenues of $1.1 billion, an operating margin of -5.1%, in fiscal 2023 ending June 30.