Winona Health Services, MN Revenue Bond Outlook Revised To Negative On Ongoing Operating Losses

Stocks and Financial Services Press Releases Tuesday September 19, 2017 08:48
CENTENNIAL--19 Sep--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Sept. 18, 2017--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BBB' long-term rating on Winona, Minn.'s series 2007 and 2012 revenue bonds, issued for Winona Health Obligated Group, which includes Winona Health Services (WHS). "The negative outlook reflects our view of WHS's ongoing operating losses through the first nine months of fiscal 2017," said S&P Global Ratings credit analyst Wendy Towber. "While management has a comprehensive strategic plan as well as a turnaround plan in place to stem these losses in fiscal 2018, we believe it could be difficult to achieve their goals within the outlook period, given the nature of the ongoing operating challenges," Ms. Towber added. Winona Health Obligated Group includes WHS, the organization's hospital and employed physician clinics; Winona Senior Services Inc., a skilled-nursing and assisted-living facility; and Winona Health Foundation.

Metrics cited in this report are based on audited financial statements and unaudited nine-month interim statements ending June 30, 2017. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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