S&P downgrades Mission Regional Medical Center’s rating to 'BB+'

Standard & Poor's Rating Services has lowered the rating to "BB+" from "BBB-" on Mission (Texas) Regional Medical Center's series 2005, 2007 and 2008 bonds.

S&P has also placed the ratings on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflects Mission's $11.3 million operating loss at fiscal year-end 2015, and our expectation that the hospital will breach its minimum debt service coverage covenant, resulting in an event of default under the bond documents," said S&P credit analyst Karl Propst.

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