Moody's assigns 'A2' ratings to University Hospitals Health System's bonds

Moody's Investors Service has assigned an "A2" rating to Cleveland-based University Hospitals Health System's proposed series 2015A, 2015B and 2015C bonds, affecting approximately $1 billion of rated debt.

Moody's has also affirmed the "A2" rating on the system's outstanding bonds.

The rating assignment is based on several factors, including the system's position as a large system in the Cleveland area as well as its manageable capital spending plans.

Challenges to the system include balance sheet and operating leverage and the presence of a large and prominent competitor.

The rating outlook is stable, reflecting expected continued adequate margins and no major increase in leverage.

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