PHOENIX — Standard & Poor's has downgraded Laramie County, Wyo.'s 2012 bonds issued for Cheyenne Regional Medical Center to A from A-plus.
The downgrade affects the majority of the CRMC's nearly $98 million of outstanding debt and came as the result of the hospital's "thin financial performance" in recent years as well as the agency's application of not-for-profit hospital rating criteria published in December of last year. The hospital reported operating losses of about $1.5 million for fiscal 2013 and $5 million for fiscal 2014, according to financial disclosures posted to EMMA, but has shown improvement since.
S&P noted some strengths in the credit, including its "solid business position" and "abundant unrestricted reserves and modest debt load." Though issued by Laramie County, the bonds are a special limited obligation and are secured by hospital revenues. The full faith and credit of the county is not pledged to their repayment.
