The downgrade is based on several factors, including CHI’s continued weak operating performance and decline of unrestricted cash and investments.
The outlook is negative, reflecting CHI’s sizable decline in operating performance since 2012.
Moody’s also downgraded CHI’s variable rate demand bonds to “A3/VMIG 2” from “A2/VMIG 1” and its commercial paper to “P-2” from “P-1.”
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