Naples, FL-based hospital operator Health Management Associates (HMA) has gotten a vote of no confidence from Standard & Poor's, with the ratings service lowering its outlook on the chain from stable to negative. The downgrade comes in the wake of the company's reporting falling profits and growing bad debt for the third quarter of this year. At the same time, S&P affirmed its B+ rating on HMA, which has $3.7 billion in outstanding debt at present. Meanwhile, HMA saw vice chairman and former CEO Joseph Vumbacco resign as an officer, though Vumbacco will consult for the company for one additional year. Sounds like those board positions must be hot seats right now.
To learn more about the downgrade:
- read this Tampa Bay Business Journal piece
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