The downgrade is based on a number of factors, including a competitive marketplace and the sizable increase in debt Adventist’s proposed construction of a new hospital campus would cause.
Moody’s also assigned a “Baa3” rating to Adventist’s proposed $270 million of series 2016A bonds.
The outlook is stable, reflecting Moody’s Investors Service’s belief that Adventist will at least maintain its current financial performance, liquidity level and market position.
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