Standard & Poor's Ratings Services said it revised its outlook to negative from stable and affirmed its AA-minus rating on North Carolina Medical Care Commission's health facilities revenue bonds, issued for the Wake Forest Baptist Obligated Group.

"The outlook revision is due to thin operating results that did not improve in accordance with our expectations following the approval of a new provider tax in North Carolina in fiscal 2012, and the effect of additional debt, which leaves WFB with less flexibility at the current rating," said Standard & Poor's credit analyst Liz Sweeney.

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.