Moody's assigns 'A1' long-term rating to MidMichigan Health's bonds

Moody's Investors Service has assigned an "A1" long-term rating to $174 million of   Midland, Mich.-based MidMichigan Health's series 2014 fixed rate bonds.

Moody's also affirmed the "A1" unenhanced and underlying long-term bond ratings assigned to about $166.5 million of MidMichigan Health's outstanding debt and categorized MidMichigan's rating outlook as "stable."

The health system's strengths, which were considered for the assignment and rating, include its "distinctly leading market position across a broad service area"; its clinical and branding affiliation with the University of Michigan Health System in Ann Arbor, Mich.; and its strong debt coverage ratios.

Challenges were also considered and include "escalating revenue pressures" in fiscal year 2014, modest demographics in a majority of its service area and revenue growth that is slower due to a growing concentration in Medicare and Medicaid, according to Moody's.

More articles on ratings:

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Moody's affirms Hawaii Pacific Health's 'A2' bond rating

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