Memphis, Tenn.-based Baptist Memorial Health Care had its outlook revised to negative amid sustained operational challenges, S&P Global said Oct. 19.
S&P affirmed a "BBB+" rating on outstanding bonds.
"The outlook revision reflects weakened operating performance in fiscal 2022 and through the 10-month interim period ended July 31, 2023, as well as deteriorating balance sheet metrics," said S&P Global Ratings credit analyst Chloe Pickett.
Baptist Memorial, which plans to incorporate Meridian, Miss.-based Anderson Regional Health System to form a combined 24-hospital system, had revenues of $3.2 billion in fiscal 2022. It had revenues of $2.9 billion as of the 10 months ending July 31 for fiscal 2023.