Standard & Poor's Ratings Services has lowered its long-term rating on Baldwin County Hospital Authority's revenue debt issued on behalf of Milledgeville, Ga.-based Oconee Regional Medical Center to "CC" from "CCC."
"The downgrade reflects ORMC's extremely weak financial profile combined with significant management turnover, and our opinion that the medical center's financial commitments appear to be unsustainable in both the near and long terms," said Margaret McNamara, an S&P credit analyst.
The hospital's outlook is negative. "The negative outlook reflects our view that a default is highly likely," said S&P.
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