S&P Global Ratings downgraded Crystal Lake, Ill.-based Centegra Health System's series 2012 and 2014A bonds to "BB+" from "BBB."
"The rating action reflects our view of CHS' substantial and unbudgeted operating losses in unaudited fiscal 2017," said Suzie Desai, an S&P Global Ratings credit analyst.
The outlook is stable, reflecting S&P's view of Centegra Health's turnaround plan, improved market share and demographically favorable service area.