...January 23, 2025 CHICAGO (S&P Global Ratings) Jan. 23, 2025--S&P Global Ratings lowered its long-term rating five notches to 'B' from '###-' on the Norman Regional Hospital Authority (NRHA), Okla.'s series 2016, 2017, and 2019 revenue bonds, issued for Norman Regional Health System (NRHS). The outlook is negative. "The downgrade reflects rapid and substantial deterioration in the hospital's liquidity profile as a result of an unexpected widening in operating losses and steep cost overruns related to its facilities transformation project, resulting in days' cash on hand falling below 20 days as of October 2024 when excluding a $35 million line of credit draw," said S&P Global Ratings credit analyst John Kennedy. "Though we observe some financial stabilization in recent months, the negative outlook reflects the magnitude of continued operating losses, with the current cash position leaving minimal cushion for any adverse developments," he added. A gross revenue pledge of the obligated group...
