S&P Global Ratings has revised Fairfield, Calif.-based NorthBay Healthcare System's outlook to stable from positive.
"The outlook revision reflects our view of NorthBay's significant decline in financial performance in the fiscal year ended Dec. 31, 2015, following is exceptional operating margins in fiscal 2014," said S&P analyst Allison Bretz.
S&P also affirmed the "BBB-" long-term rating on NorthBay's series 2013A, 2013B and 2015 revenue bonds.