Standard and Poor’s lowered its outlook for non-profit health system ProMedica, but analysts see sunnier days ahead for its HCR ManorCare skilled nursing assets. S&P Global Ratings on Christmas Eve affirmed its BBB long-term rating for ProMedica’s debt obligations, while also lowering its outlook on the Toledo, Ohio-based health giant from “stable” to “negative.” Following […]
Standard & Poor’s
After the non-profit ProMedica Health System took over the operations of HCR ManorCare in a blockbuster deal last year, the skilled nursing entity continues to help improve the system’s shaky financial results. The Toledo, Ohio-based ProMedica reported an operating loss of $102.8 million for its ProMedica Insurance Corporation arm for the nine-month period ending September […]
Moody’s this week downgraded its rating for non-profit health system ProMedica, citing concerns over the ongoing integration of the HCR ManorCare assets into its umbrella and weakening Medicare census at its nursing facilities. The New York City-based rating agency dropped ProMedica from Baa1 to Baa3, with a negative outlook, the second such slip since the […]
After blaming its acquisition of HCR ManorCare for a significant annual loss in 2018, non-profit health system ProMedica credited its new skilled nursing assets for helping to offset a rough first quarter for its insurance business. The Toledo, Ohio-based acute- and post-acute giant logged a net loss of $9.8 million in the first quarter of […]
Non-profit hospital operator ProMedica announced its first set of annual financial data after acquiring skilled nursing giant HCR ManorCare last year, and the early results weren’t positive. The Toledo, Ohio-based firm reported $70 million in losses for fiscal 2018, according to an unaudited financial report for bondholders, despite a major revenue gain from absorbing approximately […]
The headlines in the immediate wake of the blockbuster $4.4 billion ProMedica-HCR ManorCare deal haven’t been positive, but executives from Welltower Inc. (NYSE: WELL) on Tuesday were upbeat about the progress so far — even if they didn’t dig too far into the details. Welltower chief investment officer Shankh Mitra said the real estate investment […]
Sabra Health Care REIT (Nasdaq: SBRA) is in a positive place following its recently approved merger with Care Capital Properties (CCP), according to several ratings agencies. Fitch Ratings on Wednesday increased Sabra’s rating from BB+ to BBB-, an investment-grade rating, while Standard & Poor’s boosted its corporate credit rating on the Irvine, Calif.-based real estate […]
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