Moody's Investors Service affirmed its "Baa1" rating on Englewood, Colo.-based Catholic Health Initiatives, affecting $6.3 billion of rated debt.
Concurrently, Moody's assigned its "Baa1" rating to CHI's $36.7 million series 2015-1 revenue bonds.
The affirmation and assignment are a result of several factors, including CHI's vast revenue base, active portfolio management and strong operational and geographic diversification, with facilities in 17 states. Moody's also acknowledged the health system's heavy debt burden, modest liquidity metrics and highly variable operating performance in certain markets.
The outlook was revised to stable from negative, reflecting CHI's improved operating performance through the first six months of fiscal year 2018.