S&P Global Ratings revised the outlook to stable from positive on Cody, Wyo.-based West Park Hospital District.
Concurrently, the credit agency affirmed its "BBB" long-term rating on the district.
The outlook revision is a result of the district's weaker operating results in the last fiscal year ending June 30.
"The weaker operations are attributed to lower surgery volumes at the hospital as well as larger-than-usual losses at West Park's long-term care facility," said S&P credit analyst Ashley Henry.