Catholic Medical Center’s Credit Rating Downgraded

Catholic Medical Center’s credit rating has been downgraded by the Moody’s Credit Rating Agency.

It noted the hospital in Manchester relies heavily on contract labor which it said causes operating losses, elevated wages, and inflationary pressures.

The rating was dropped from a Ba3 to a Ba1 because Moody’s believes CMC presents a substantial credit risk.

In a statement, CMC said it has implemented strategies to improve financial and operational performance.