Fitch Ratings and Standard & Poor’s last week downgraded their long-term ratings on BRCH Corp. Obligated Group, an acute-care hospital with 400 licensed beds in Boca Raton.
Both rating agencies downgraded to BBB-minus from BBB-plus their ratings on BRCH’s $93.4 million of outstanding Series 2001 bonds and $28.3 million of Series 1999A bonds. Another $19 million of taxable variable-rate demand bonds, Series 1999, were not rated by Fitch. Both rating agencies also placed a negative outlook on the debt.