Summary: Norman Regional Hospital Authority, Oklahoma Norman Regional Health System; Hospital

S&P Global Ratings lowered its long-term rating to 'BBB-' from 'BBB+' 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 continued weakening in the hospital's financial profile, including widening operating losses, contrasted with expected improvement at last review, that has contributed to days' cash on hand falling below 100 days, given that earnings deterioration is concurrent with elevated spending on NRHS' campus consolidation project. The negative outlook reflects the magnitude of recent operating losses, leading to challenged financial covenants and no remaining balance-sheet cushion, coupled with ongoing sector performance headwinds and the complexities of onboarding major facility expansions. A gross

...+ S&P Global Ratings lowered its long-term rating to '###-' 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 continued weakening in the hospital's financial profile, including widening operating losses, contrasted with expected improvement at last review, that has contributed to days' cash on hand falling below 100 days, given that earnings deterioration is concurrent with elevated spending on NRHS' campus consolidation project. + The negative outlook reflects the magnitude of recent operating losses, leading to challenged financial covenants and no remaining balance-sheet cushion, coupled with ongoing sector performance headwinds and the complexities of onboarding major facility expansions....

Summary