S&P Global Ratings affirmed its "BBB" long-term rating on Glencoe (Minn.) Regional Health Service's revenue bonds and revised the outlook to negative from stable.
The affirmation is a result of Glencoe Regional's healthy balance sheet metrics, low debt burden and positive operating performance.
"The outlook revision reflects our view of the hospital's large unbudgeted operating losses in fiscal 2017 due primarily to unexpected physician turnover that depressed business volumes and eroded the revenue base resulting in deficit operations," said S&P credit analyst Wendy Towber.