Fitch Ratings placed 12% of its hospital and health system bond ratings on rating watch in connection with the agency’s announcement last week that it is revising its criteria for evaluating not-for-profit hospitals. The changes are relatively evenly distributed between neutral, negative and positive.

The changes are due to the revisions to the Fitch rating criteria announced last week (see Fitch Announces Revised Hospital Rating Criteria). Compared to the previous outlook, the changes are fairly well distributed.

The affected credits represent 12% of all hospitals and health systems rated by Fitch and are listed below.