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Sector headwinds in 2022 are noteworthy and will require careful monitoring and consistent problem solving by management teams to overcome old and new challenges. Not-for-profit healthcare historically has been a low-margin sector, and it has been difficult for the sector to keep top-line revenues on pace with escalating operating expenses, now further complicated by inflationary pressures. ���������ֳ� expects 2022 operating margins will reflect this ongoing challenge, but weaker margins will be offset by currently strong balance sheets maintained by providers for cushion during periods of uncertainty. ���������ֳ� anticipates pressures will be within an expected range of volatility for the sector but does not foresee any significant deterioration of rated healthcare providers’ financial positions to trigger downward rating momentum.