Aug 31, 2016 4:15 PM
Credit rating firm lowers grade for Dartmouth-Hitchcock
The Associated Press
LEBANON (AP) — A major credit rating firm has lowered its financial health grade of Dartmouth-Hitchcock and placed a "negative watch" on the health system's credit.
The Valley News reports that Fitch Ratings recently announced it downgraded the system's credit rating from "A+" to "A."
The action comes after Dartmouth-Hitchcock posted an unaudited financial statement that showed an operating loss of $23 million by its main hospital and clinic network for the quarter that ended June 30.
Fitch uses ratings scales ranging from "AAA to "D'' and award "A'' ratings to borrowers who are considered financially strong, but are regarded as more vulnerable to adverse business or economic conditions.
D-H Chief Executive James Weinstein says the system's improvement efforts are focused on regaining an "A+" rating.