S&P Global Ratings affirmed its "A+" rating on Green Bay, Wis.-based Bellin Health Systems' series 2015 bonds.
Concurrently, S&P revised its outlook on Bellin Health to negative from stable.
"The outlook revision reflects our view of Bellin's proposed growth plans over the coming year, which, if they move forward as expected, could put pressure on the rating," said S&P credit analyst Allison Bretz.