...The 'BB+' IDR and revenue bond rating reflect Einstein Healthcare Network's (Einstein or EHN) challenging operating environment, which leads to modest market position in a highly competitive and economically challenged area. Further, EHN is confronted with operating cost pressures from its constrained payor mix and workforce environment. The ratings are also based on EHN's weak financial profile and leverage ratios that are in line with below investment grade expectations. The revenue bond rating is also removed from Rating Watch Negative where it was placed on Sept. 8, 2017 due to the potential risk of rating transition under Fitch's 'Exposure Draft: U.S. Not-for-Profit Hospitals and Health Systems Rating Criteria' that was published on Sept. 6, 2017. Fitch has downgraded the revenue bond rating due to EHN's weak revenue defensibility and weak financial profile assessments under Fitch's final 'U.S. Not-for-Profit Hospitals and Health Systems Rating Criteria' that was published on Jan....
