Bryn Mawr-based Main Line Health has been downgraded from stable to negative by Standard & Poor’s, writes John George for the Philadelphia Business Journal.

S&P Global Ratings credit analyst Alexander Nolan wrote in his report on the health system’s outstanding bond debt that the revision “reflects our view of Main Line Health’s unfavorable operating performance that is inconsistent with peers at the current rating level.”

The health system generated an operating loss for the fiscal 2022 interim period that ended Sept. 30, 2021, because of elevated staffing and supply costs, as well as higher patient lengths of stay and “throughput” challenges, noted Nolan.

“Latest expectations from management indicate that operations could continue to be challenged with a deeper loss through the remainder of the fiscal year due to the severity of the staffing challenges affecting operations,” he wrote.

Main Line Health, the parent company for Bryn Mawr, Lankenau, Paoli, Riddle, and Bryn Mawr Rehabilitation hospitals, posted an operating profit of $41.9 million in fiscal 2021.

In 2020, the health system recorded an operating loss of $67.6 million. The 2021 return to profitability was due to $78.7 million in CARES Act funding.

Read more about Main Line Health in the Philadelphia Business Journal.