S&P Global Ratings revised the outlook to negative from positive and affirmed its 'A' long-term rating on Franciscan Missionaries of Our Lady Health System (FMOLHS), La.'s various revenue bonds. The outlook revision reflects our view of FMOLHS' deteriorating operational performance against the backdrop of a weakening balance sheet, inpatient market share loss in several markets, and upcoming near-term risks associated with growth strategies. Gross revenue of the obligated group secures the bonds. The rating reflects our view of FMOLHS' leading market position in three of its four major markets despite some recent softening, with a long-standing history of providing health care in south central Louisiana coupled with expansion into Mississippi in 2019. The system reported a sizable downturn in fiscal
