Fitch Ratings last week downgraded Elmhurst Memorial Healthcare of Illinois, which is set to merge with higher-rated Edward Hospital and Health Services one notch to BBB from BBB-plus due to its weak operating performance.

The suburban Chicago hospital has $500 million of debt issued through the Illinois Finance Authority. A portion of its debt carries letter of credit ratings. The bonds previously had been on Rating Watch. At the lower level, Fitch assigned a stable outlook.

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