The downgrade is based on several factors, including increased expense growth and a weakened liquidity profile.
The outlook is negative, reflecting ongoing challenges in terms of NEOMED’s outsized financial leverage.
Moody’s also affirmed the “Baa3” rating on NEOMED’s $36 million of series 2012 student housing revenue bonds. The affirmation is based a number of factors, including improved occupancy rates of the project.
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