Christus Health, Dallas, lost $44.7 million on operations in fiscal 2002, as labor costs exceeded budget by $38.4 million and malpractice and property insurance costs were $20 million above budget. Partly because of its reduced liquidity, the 23-hospital system saw its rating for $754 million in debt downgraded to A2 from A1 by Moody's Investors Service. The system expects a better performance in 2003, Moody's said. The ratings outlook was stable, although Moody's said liquidity would be further squeezed in the future because of pension plan contributions. -- by Patrick Reilly
Labor, insurance costs hurt Christus in 2002
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