Fitch Ratings said it has downgraded to BBB-minus from BBB the ratings on $38.5 million in outstanding Colorado Health Facilities Authority revenue bonds issued on behalf of National Jewish Health.

The rating outlook is revised to negative from stable.

The rating downgrade reflects the increased operating loss in fiscal 2012 (year ending June 30) to negative $7.8 million (-4% operating margin) from a $3 million operating loss (-1.5% operating margin) in FY 2011. Moreover, through the six months ended Dec. 31, 2012 NJH lost $5 million from operations or a negative 5.5% operating margin.

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