Minneapolis-based Allina Health continues to have a negative outlook amid sustained operating losses and capital spending plans, S&P Global said April 21.
Allina Health also had an "AA-" rating affirmed on a series of bonds to be used in such capital projects.
The health system, which owns and operates 11 hospital campuses and jointly owns and operates one other hospital, reported an audited operating loss of $195.8 million for the year ending Dec. 31, 2022, amid a 7 percent increase in expenses.
Allina Health employs approximately 27,500 people and is one of the largest employers in Minnesota. As of Dec. 31, the system's hospitals had a licensed bed capacity of 2,451 acute care beds.
Moody's downgraded Allina Health in December 2022.