The rating affirmation follows last month’s downgrade from “A2” to “A3” of the health system’s debt issued through the Michigan State Hospital Finance Authority, according to Moody’s. The long-term rating is based on joint default analysis, which reflects the long-term rating of the bank as provider of the letter of credit, the underlying bond rating and the legal protections of the transaction.
Moody’s maintains a short-term “VMIG 1” rating assigned to the bonds.
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