NEW YORK (S&P Global Ratings) June 20, 2019--S&P Global Ratings lowered its long-term rating on Montgomery County Higher Education&Health Authority, Pa.'s revenue bonds, issued for Holy Redeemer Health System (HRHS), to 'BBB-' from 'BBB'. The outlook is negative. "The downgrade reflects persistently high operating losses that are weaker than expected and below budget in fiscal years 2017 and 2018 and that are continuing into 2019," said S&P Global Ratings credit analyst Cynthia Keller. Future rating action hinges on management's ability to reverse operating losses while also maintaining stable balance sheet metrics and market position. The rating reflects our opinion of HRHS': Adequate unrestricted reserves for the lower rating level relative to operating expenses and debt outstanding, although we
