Standard & Poor’s has downgraded the Cascade Medical Center in Chelan County to BBB-minus from BBB.

The rating agency said the medical center, also known as the Chelan County Public Hospital District No. 1, could face additional financial strain over the next two years.

“The rating action reflects our view of the district’s fiscal 2010 operating loss and decreased cash on hand as a result of a recent renovation project,” Standard & Poor’s analyst Chris Morgan wrote in a statement.

The agency said the negative outlook on the medical center reflects the likelihood operations could produce additional deficits over the next two years because of the limited facility and uncertainty surrounding new management.

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