Daily News | Tower Health’s low cash reserves make it ‘highly vulnerable,’ S&P says
Standard & Poor’s downgraded Tower Health’s credit rating by two notches, to ‘B’ from ‘BB-,’ citing the nonprofit health system’s ongoing financial losses and extraordinarily low cash reserves.
A health system’s financial cushion is typically measured by the number of days it could keep making payroll, buying supplies, and meeting other expenses without getting any additional revenue. At Tower, that figure, called days’ cash on handOver that same period, Tower’s unrestricted cash dropped to $307.6 million from $684.5 million.Tower management told the ratings agency not to expect any further deterioration in its unrestricted cash during the remainder of the current fiscal year.
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