CHICAGO -- Standard & Poor’s pushed Proctor Hospital’s rating deeper into junk bond territory, lowering the small Illinois hospital to BB-minus from BB-plus and warning of the potential for further deterioration by assigning a negative outlook due to its poor cash position.

The hospital, which serves the competitive Peoria area, has $22.5 million of rated debt from a 2006 issue sold through the former Illinois Health Facilities Authority.

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