NY’s Mount Sinai Hospital Has Credit Grade Cut Close to Junk (1)

Mount Sinai Hospital had its credit rating slashed two notches to the brink of junk by Moody’s Ratings, which cited declining cash and operational problems at New York City’s largest hospital network.

Mount Sinai was downgraded to Baa3 — the lowest investment-grade designation available — as the system faces “significant ongoing operating challenges,” wrote Lisa Martin, Moody’s lead analyst in a report published Wednesday. The hospital had $1.8 billion of debt at the end of the 2023 fiscal year.

In an effort to save money, Mount Sinai has been trying to close its Beth Israel hospital in downtown Manhattan. Legal ...