Wake Forest Baptist Medical Center has received another downgrade from a bond rating credit service.
A large write-off of uncollectable payments contributed to the lower grade.
Standard & Poor's Ratings Services lowered its rating from A+ to A for bonds issued for Wake Forest Baptist and gave the center a “stable outlook.”
The Winston-Salem Journal reports that S&P attributed the downgrade to a what it calls a weak operating performance and lowered expectations for improvement.
Wake Forest Baptist says it wrote off $103.8 million in uncollectable payments.
Standard & Poor's also said the Medical Center suffered in research funding and staffing.
The agency acknowledged that Wake Forest Baptist has faced challenges since the roll-out of its electronic medical records system in 2012.
A spokesman for the Medical Center says Wake Forest Baptist is committed to improving its financial performance.
This is the second consecutive downgrade for Wake Forest Baptist in the last two years.
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