Standard & Poor's Ratings Services has revised its outlook to negative from stable and affirmed its "A" ratings on San Francisco-based Dignity Health's bonds.
"The outlook revision reflects a weakened financial profile, including weaker cash flow and coverage of maximum annual debt service over the past 18 months after allocating the net benefit of the California provider fee program to the year in which the funds were generated, combined with declines in unrestricted cash and investments to levels that are light for the current rating," said S&P credit analyst Martin Arrick.