Increased operating costs incurred during the pandemic by Yale New Haven Health System have prompted Fitch to downgrade the healthcare organization’s default and debt ratings.
Fitch Ratings lowered its ratings for bonds issued by the Connecticut Health and Educational Facilities Authority on behalf of Yale New Haven Health Systems hospitals from AA- down to A+, CT Insider reports.
Fitch’s outlook for the bonds being paid off was rated as “stable.”
Fitch’s stable outlook also reflect the rating company’s view “that the system has sufficient available liquidity to carry out the large Neurosciences Tower project at the Saint Raphael campus of the Yale New Haven Hospital, even in the absence of anticipated additional philanthropy, which potentially could fund a significant portion of the project.”
Construction of the Neuosciences Center in New Haven got underway last year. The $838 million, 505,000 square foot Neurosciences Center will cover over half a city block and take over four years to complete. Read more.
