S&P Global Ratings downgraded Stamford (Conn.) Hospital series 2010I, 2012J and 2016K revenue refunding bonds from "A-" to "BBB+."
"The downgrade reflects our view of Stamford's weak underlying operating performance in fiscal 2017, which was well below budget and projections provided to S&P Global Ratings at its last review, due to softer volumes than anticipated and the ongoing challenge of revenue shortfalls associated with the state's ill-funded hospital tax program," said Patrick Zagar, an S&P Global Ratings credit analyst.
The outlook is stable, reflecting S&P's expectation that Stamford Hospital will see improvements in balance sheet metrics and operating performance with cost containment efforts such as a lack of additional debt plans, decreased capital spending and strategic partnerships.