Moody's affirms Community Memorial Health's 'Ba2' rating

Moody's Investors Service has affirmed the "Ba2" rating on Ventura, Calif.-based Community Memorial Health System's series 2011 fixed rate revenue bonds, affecting $350 million of rated debt.

The rating affirmation is based on several factors, including CMHS' clinical, competitive and operational strengths. These strengths are offset by a significant debt  load and an ambitious hospital replacement project, which is approximately one year behind schedule.

The outlook remains stable, which reflects CMHS' fundamentally strong market position and advanced array of clinical offerings. Moody's expects that operating cash flow will improve and the organization will successfully move into its new flagship facility.

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