Moody's Investors Service affirmed its "Baa2" rating on Mt. Vernon, Wash.-based Skagit Regional Health's revenue bonds, affecting $120 million of rated debt.
The affirmation is a result of several factors, including the health system's strong market position, proactive actions to expand medical services and affiliation with Arlington, Wash.-based Cascade Valley Hospital and Clinics. Moody's also acknowledged Skagit Regional's weaker financial performance and upcoming EMR implementation.
The outlook is negative, reflecting the risks associated with the health system's upcoming EMR conversion and weakened operating performance.