November 21, 2018
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Second finance agency downgrades MaineGeneral credit rating

Troy R. Bennett | BDN
Troy R. Bennett | BDN
MaineGeneral Medical Center's credit rating has been downgraded by a second agency, after the loss of several primary care doctors last year.

AUGUSTA, Maine — A second agency has lowered MaineGeneral Medical Center’s credit rating after the loss of several primary care doctors last year.

The recent credit downgrade came from Moody’s Investor’s Service as Fitch Ratings made a similar downgrade last spring.

The Portland Press Herald reports MaineGeneral’s parent organization took a $22.9 million operating loss the last fiscal year, in part because of the departure of doctors hindering their ability to accept new patients.

Hospital executives say they are working to improve finances by recruiting new primary care providers and making changes to appeal to current staff.

Chief Financial Officer Terry Brann says losses in the first half of this year can be made up for in the second half, which is typically a busier time of year.

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