Fitch downgrades Butler Health System’s bond debt

Fitch downgrades Butler Health System’s bond debt
Pittsburgh Post-Gazette
December 12, 2023
Butler Health System’s financial challenges continued Monday with a ratings downgrade of its bond debt. Fitch Ratings issued a one-notch downgrade to ‘BBB-,’ outlook negative, because of accelerating losses and a “weaker than budgeted operating loss” of $12.97 million for the three months ending Sept. 30, up from a $1.6 million loss posted for the same quarter in 2022. BHS, a subsidiary of Independence Health System, is seeking a waiver from a debt service coverage requirement from bondholders, which otherwise could lead to a default.