S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BBB+' long-term rating on the Richmond Hospital Authority, Ind.'s series 2022, 2016B, and 2015A fixed-rate bonds issued for Reid Hospital (doing business as Reid Health). The outlook revision reflects larger-than-budgeted operating losses in fiscal 2023 and year-to-date fiscal 2024 that, while improving, are not aligned with our expectation for a 'BBB+' rating. The bonds are secured by a gross revenue pledge from the obligated group, which solely consists of the hospital and excludes the physician practice. The rating reflects our view of Reid's sound balance sheet metrics, particularly days' cash on hand (DCOH), which is materially above that of similarly rated peers. In our opinion, balance sheet
