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One of the three major bond ratings agencies downgraded financially embattled Butler Health System and said its ratings outlook is negative.
Fitch Ratings moved Butler Health System to BBB- from BBB, which both are the lowest investment-grade ratings from the New York-based ratings agency. The move occurred following the latest financial report from Butler, which includes Butler and Clarion hospitals and Jan. 1 formed the new $1 billion in annual revenue Independence Health System in a merger with Excela.
Butler and Excela, although part of the same system, report their financials separately. Butler in late Nov. disclosed an operating loss for the fiscal year ended June 30 of $43.2 million, an increase from the $22.7 million for fiscal year 2022. Its annual deficit over expenses was $38.1 million compared to $31.9 million the previous year.
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