Redeemer Health Based in Huntingdon Valley Continues to Struggle with Operating Losses
Redeemer Health, which is based in Huntingdon Valley, received a credit downgrade by Standard & Poor’s Global Ratings due to “accelerating operating losses and declines in cash reserves,” writes Harold Brubaker for The Philadelphia Inquirer.
The health system was bumped down one grade to “BB,” which suggests that Redeemer might be a risky investment for municipal bond investors.
Redeemer Health is the parent company of Holy Redeemer Hospital in Meadowbrook as well as nursing homes and other healthcare facilities.
Redeemer is expecting to report a $45 million operating loss for the year that ended June 30, according to S&P.
“This loss is three times larger than what had been originally budgeted and would have been worse absent receipt of approximately $14 million of relief fundings,” S&P said.
Read more about Redeemer Health in The Philadelphia Inquirer.
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