S&P Global Ratings affirmed the "A-" rating on Brunswick-based Southeast Georgia Health System's series 2015 and 2008 revenue anticipation certificates issued by the Glynn Brunswick Memorial Hospital Authority.
The system's outlook was revised to negative from stable.
"The negative outlook reflects our view of SGHS's plans to issue additional debt within the next 12-18 months which may cause rating pressure," Melanie Her, a S&P Global Ratings credit analyst, said.