Standard & Poor's Rating Services said it lowered its long-term rating on the Massachusetts Development Finance Agency's series 2013F and 2009D bonds issued for the Southcoast Health System obligated group to A-minus from A.
The outlook is stable.
"The lower rating is based on Southcoast's weak financial operating performance since fiscal 2013, with sizable operating losses in fiscal years 2013 and 2014, and a highly competitive healthcare market that has contributed significantly, in our opinion, to this financial strain in recent years," said Standard & Poor's credit analyst Jennifer Soule.
