CENTENNIAL (S&P Global Ratings) May 20, 2021--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'A-' long-term rating on Norman Regional Hospital Authority (NRHA), Okla.'s series 2016, 2017, and 2019 revenue bonds, issued for Norman Regional Health System (NRHS). "The outlook revision reflects NRHS' projection of weaker-than-expected financial performance and balance sheet deterioration throughout the hospital's large-scale master facility plan over the coming years," said S&P Global Ratings credit analyst Chloe Pickett. More specifically, the outlook revision reflects our opinion of NRHS': Current financial projections that show materially greater decline in both operating margin and unrestricted reserves over the coming few years; Ambitious master facility plan and elevated spending over the next several years; Higher debt
