S&P Global Ratings downgraded the rating on Bozeman (Mont.) Health's outstanding revenue bonds to "A" from "A+."
Concurrently, S&P assigned its "A" long-term rating to Bozeman Health's proposed $73.4 million series 2018 revenue bonds.
The downgrade is based on several factors, including Bozeman Health's deteriorating operating performance, heavy debt burden and weaker annual debt service coverage. S&P favorably viewed Bozeman Health's strong enterprise profile.
The outlook is stable.