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. The budget for the master facility plan has increased by $62 million from the time of our previous review, and now totals about $280 million in addition to routine spending. When combined with the financial stress stemming from the COVID-19 pandemic, in our opinion, this could pressure operating and balance sheet metrics such that they are no longer
