1、March 2023PFG WebinarUS Not-for-profit Healthcare:Developments to Watch in 2023Developments to Watch in 2023,March 20232|Webinar Series Sign-up Once Live Q&Ahttps:/live.moodys.io/us-public-finance-in-focus-channelGet regular updates on the US Public Finance in Focus programEngage with the analysts a

2、nd get your questions answered Schedule&Materials Developments to Watch in 2023,March 20233Please complete our surveyWe Want to Hear From You!A survey will appear on your screen at the end of our presentation.Please take a few moments to complete it and let us know how we can continue to improve.Dev

3、elopments to Watch in 2023,March 20234 Median rating remains A2 Longer tail is result of rapid cash deterioration through end of 2022Overall,healthcare ratings remain very strongWide distribution reflects vast difference in operating scope and balance sheet strengthDevelopments to Watch in 2023,Marc

4、h 20235Healthcare financial health through the pandemic2022March 2022Q1 financials among the worst in the last 20+years,but balance sheets also at all-time highsExpectations were for labor to return to normal after a quarter or twoJune 2022Average length of stay rises b/c of staffing issues at post-

5、acute settingsNursing labor shortages ease relative to Q1 and temp staffing costs fall,but remain above pre-Omicron levelsNursing salaries rise faster in response to supply/demand imbalanceFEMA announces aid for labor issuesQ2 financials are mixed,Moodys begins asking about potential covenant breach

6、es2023December 2022Q4 financials show modest improvementHospitals with breached covenants begin discussions with lenders 2024&beyondYTD 2023Labor expense continues to stabilizeVolume recovery remains mixedCovenant breaches still a risk for someSeptember 2022Q3 financials broadly weaken;Medicare adva