...Fitch expects that sector conditions will remain challenged for the remainder of 2022, as labor pressures and generationally elevated inflation compress margins for most providers. These macro headwinds were noted heading into 2022 and have been more pronounced than expected (compounded by investment losses driven by asset price corrections). To this point, operating metrics are down significantly in interim 2022 for most health systems compared to 2021. NFP healthcare historically has been a low-margin sector. While management teams are working diligently to address challenges, Fitch Ratings expects operating margins in 2H22 to continue to reflect ongoing pressures. While liquidity growth through much of 2021 provides a good cushion for many providers to weather the current environment, ongoing macro pressures will result in elevated volatility. Moreover, the sector is facing asset price corrections that are compressing balance sheets from previous highs. As a result, deteriorating conditions...