Standard & Poor’s last week downgraded MetroHealth System to BBB-plus from A-minus due to weak operating results. The action affects $28.8 million of variable-rate bonds issued in 2003 through Cuyahoga County. The bonds carry a letter of credit but Standard & Poor’s does not rate it.

MetroHealth is the safety-net hospital for the county and its charity care rose by $30 million in 2007. Analysts said the system reported weaker financial operating results for fiscal 2007 along with slightly weaker liquidity, which had always been below average.

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.