Fitch Ratings slashed Tower Health’s credit rating to the “exceptionally rare” level of ‘CCC+’ on Tuesday. Fitch considers Tower to have “substantial credit risk” for bondholders with a “very low margin for safety.”
Fitch Ratings Tuesday slashed Tower Health’s credit rating to the “exceptionally rare” level of ‘CCC+,’ asserting “that Tower’s pathway to financial stability is much more limited than just two or three quarters ago.”
Tower, a nonprofit health system based in West Reading, Berks County, has recorded operating losses of $854 million over the last three years, according to Fitch, afterinto Southeastern Pennsylvania, followed by the coronavirus pandemic and its labor-related disruptions. The pandemic period has continued sapping the strength of even the financially sturdiest health systems.
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