NEW YORK - Fitch Ratings said it has downgraded the rating of the $37.1 million Oklahoma Development Finance Authority series 2007 bonds issued on behalf of Great Plains Regional Medical Center (GPRMC) to BBB-minus from BBB.
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The rating outlook remains negative.
GPRMC's operating EBITDA margin has eroded since opening its new facility in July 2009, with no current indication of stabilization.
The downgrade and continued negative outlook is supported by the ongoing deterioration in GPRMC's overall financial profile.
Poor operating results are due primarily to declines in patient volumes and associated revenues.
