Multiple hospitals and health systems have suffered downgrades to their financial ratings this year amid rising expenses, ongoing operating losses and challenging work environments. Here are 24 hospitals and health systems that received credit rating downgrades from Fitch Ratings or Moody’s Investors Service in 2025:

Ascension’s rating was downgraded to “AA” from “AA+” by Fitch. The downgrade reflects the St. Louis-based system’s improving but still rebounding operating results, Fitch said. The ratings agency noted that Ascension’s performance materially improved in 2025 and is trending favorably, but not at the level it deems adequate for the higher rating. Boone Health’s rating was downgraded to “B2” from “B1.” The downgrade reflects the Columbia, Mo.-based system’s continued unrestrict

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