Fitch Ratings last week dropped the Citrus County Hospital Board, Fla.’s bonds, issued on behalf of Citrus Memorial Health Foundation Inc., to BB-minus from BB-plus. The downgrade affects $39.4 million of outstanding debt.

Fitch revised the rating outlook to evolving from negative, and said the downgrade reflected continued operating losses at Citrus Memorial Hospital as well as a “steep liquidity decline” due to an ongoing legal dispute over the control of the hospital, problems with a new billing system, and increasing outpatient competition.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.