Moody's affirms Avita Health System's 'MIG 1' rating

Moody's Investors Service has affirmed Galion, Ohio-based Avita Health System's "MIG 1" rating, affecting $86 million of series 2015 notes.

The rating reflects a commitment from the U.S. Department of Agriculture-Rural Development to provide a direct loan upon substantial completion of Avita's project to pay the series 2015 notes.

The "MIG 1" rating is based on a low risk of Avita not completing the project, which is a prerequisite to the USDA loan.

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