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Down

Altoona Regional Health System, Altoona, PA
Rating:
A-
Outlook: Negative
Affected debt: $46.9 million
Agency: Standard & Poor’s
Remarks: Rating downgrade from A and negative outlook based on unexpected losses and potential future debt plans following Altoona Hospital’s consolidation with a former competitor to form ARHS.

Down

Elmhurst Memorial Healthcare, Elmhurst, IL
Rating:
A2
Outlook: Negative
Affected debt: $136.1 million
Agency: Moody’s Investors Service
Remarks: Outlook revised to negative following a decline in operating performance, a 6 percent decline in inpatient admissions and a decline in market share. Possibility of significant debt issuance in the next year to fund replacement facility.

Up

Cedars-Sinai Medical Center, Los Angeles
Rating: A2
Outlook: Stable
Affected debt: $751 million
Agency: Moody’s Investors Service
Remarks: Upgraded from A3 with stable outlook because of improved and sustained margins for three years and notable growth in restricted cash during that period.

Down

Catholic Health East, Newtown Square, PA
Rating:
A
Outlook: Stable
Affected debt: $1.3 billion
Agency: Standard & Poor’s
Remarks: Outlook revised to stable from positive reflecting management’s inability to achieve continued improvement in operations as expected.

—Philip Betbeze