Moody’s also affirmed the “VMIG1” rating on the health system’s series 2004A and 2004B variable-rate demand bonds.
The “A1” ratings affirmation is based on a number of factors, including the health system’s large size, location in several favorable markets and track-record of strong operating performance.
The outlook was revised to positive from stable, reflecting Moody’s Investors Service’s expectation Novant Health will maintain strong levels of cash flow and be able to fund its capital needs from its cash flow while continuing to add unrestricted cash to its balance sheet.
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