New York City-based Mount Sinai Hospital has been downgraded amid ongoing operating weaknesses, Fitch said Nov. 14.
The downgrade to "A-" applies both to the system's default rating and that on $467 million of bonds. The outlook is stable.
EBITDA margins at Mount Sinai Hospital have historically run at the 8% and more level but, through the second quarter of fiscal 2023, such margins were down to 1.1%, Fitch said.
Mount Sinai Hospital, which consists of a 1,134-bed academic medical center on the Upper East Side of Manhattan and a 228-bed community hospital in Queens, has annual revenue of approximately $3.6 billion. It is the obligated group of the larger Mount Sinai Hospitals Group with approximate revenues of $6.9 billion.