Moody's downgrades Terrebonne General Medical Center to 'Baa1'

Moody's Investors Service downgraded Houma, La.-based Terrebonne General Medical Center's revenue bonds to 'Baa1' from 'A3,' affecting $38 million of rated debt.

The downgrade is a result of several factors, including the medical center's weakening payer mix, declining patient volume and lower-than-anticipated operating margins through the first half of fiscal year 2018. Moody's also acknowledged the health system's healthy balance sheet, limited inpatient competition and sufficient leverage metrics.

The outlook was revised to negative from stable, reflecting Moody's expectation that TGMC's operating performance will be further pressured in the near term.

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