New York City-based Montefiore Health System continues to have its outlook rated as "negative" as it struggles with sustained operating challenges, Moody's said April 6.
"The negative outlook reflects Moody's view that MHS will face challenges in achieving better operating cash flow margins as well as targeted days cash and cash to debt measures over the next 12-18 months," the rating agency said.
Operating improvements in fiscal 2024 should lead to nearing the target of 100 days of cash on hand, management said, according to Moody's.
Moody's affirmed Montefiore's "Baa3" rating because of the 10-hospital system's leading market share in the Bronx, its clinical expertise, and its flagship status as the primary teaching hospital for Albert Einstein College of Medicine.
Montefiore Health System, which reported an operating loss of $98.5 million in 2022, said March 2 it received an anonymous $100 million donation for the Albert Einstein College.