Moody's Investors Service has upgraded the ratings of Baltimore-based LifeBridge Health's 2015A bonds to A1 and Westminster, Md.-based Carroll Hospital Center's fixed rate bonds to A1, affecting $493 million.
This follows the full integration of Carroll into LifeBridge, including a change in security for Carroll bondholders to parity under the Master Indenture governing LifeBridge's debt obligations.
The upgrade was supported by a number of factors, including LifeBridge's strong performance in FY 2014 and nine-month YTD 2015, the strong financial profile of the combined system with the addition of Carroll and a leading market position.
The outlook on both sets of bonds is stable.