Norman Regional Hospital's S&P global long-term rating has dropped after the authority failed to pay principal and interest on time.

Clarification — 3:37 p.m. Thursday, Sept. 17: Although Norman Regional Health System’s principal and interest payment was deferred, bondholders were aware of the deferment and agreed to pause legal or enforcement action. Norman Regional Hospital Authority issued $40 million in bonds to be purchased, with proceeds completing the deferred payment and supporting NRHS's financial improvement process, according to S&P Global.

The system’s long-term rating will be reevaluated following the resolution of the September debt service payment, according to S&P’s website.