The downgrade is based on a number of factors, including an unexpected reduction in Texas Medicaid supplemental payments for services provided between fiscal years 2014 and 2015.
These challenges are offset by the hospital’s low risk debt profile and its engagement of consultants to improve performance.
The outlook is revised to negative from stable, reflecting Moody’s expectations of the hospital’s weaker financial performance and debt service coverage in FY 2016.
More articles on hospital outlook and credit rating actions:
Moody’s affirms Blue Ridge Healthcare’s ‘A3’ rating
Fitch upgrades Erlanger Health System’s rating to ‘BBB+’
Fitch downgrades Reading Hospital’s revenue bonds to ‘A+’
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