Post-Bulletin, Rochester MN
Mayo Clinic’s Standard & Poor’s rating has decreased, the Wall Street Journal reported this week.
A story about how the recession has also hit health care said Mayo’s rating dropped because of debt that includes "the hospital system’s large unfunded pension liability and break-even operating margins."
The Journal reported the following:
"Mayo is freezing salaries for doctors and senior administrators, reducing travel and overtime expenses, and cutting capital spending this year by $150 million, says Chief Financial Officer Jeff Bolton. There have been no layoffs, though temporary staff are being pared back and only essential positions are being filled. Mayo is delaying occupying one floor of a new outpatient exam building on the Rochester campus, since finishing the interior of each floor costs $12 million."
