An Alabama hospital was given S&P Global's lowest bond rating of "D" on Wednesday, a day after it defaulted on bond interest payments. Jackson Hospital & Clinic in Montgomery defaulted on about $60 million worth of Medical Clinic Board of the City of Montgomery series 2015 bonds, which comprises 86% of the hospital's long-term debt, the S&P said in a statement explaining why it lowered the hospital's rating to "D" from "CC."
An impoverished city in the Ohio Shenango Valley, facing the closure of two Steward Health Care hospitals, is fighting back, asking a bankruptcy court judge for the chance to acquire the hospitals and save 800 jobs.
Steward Health Care, the owner of St. Luke's Behavioral Health Center in Phoenix, is furloughing most employees, two weeks after Arizona officials suspended operations because the facility had been without air conditioning since Aug. 8.
According to people with knowledge of the negotiations for five Steward hospitals in Massachusetts, the state may have to spend as much as $700 million over the next three years to stabilize the facilities.