S&P Global Ratings has downgraded the rating to "BBB" from "BBB+" on Titusville, Fla.-based Parrish Medical Center's revenue debt.
"The downgrade reflects a multiyear trend of negative operating performance with accelerated losses in fiscal 2015," said S&P analyst Margaret McNamara. "This was due in part to one-time adjustments and persistent and ongoing operating losses at the employed physician entity, which led to a covenant violation."
The outlook is negative, reflecting continued pressure on PMC's operational performance in spite of turnaround efforts.