Moody’s also affirmed the “A2” rating on Agnesian’s outstanding debt.
The rating actions are a result of several factors, including Agnesian’s strong market position, favorable growth in unrestricted cash and light debt risks.
The outlook was revised to negative from stable, which Moody’s said was due to the health system’s weakening operating margins and deviation from the fiscal year 2016 budget. Additionally, Moody’s expects the system’s operating performance and liquidity reserves will remain weak in comparison to peers.
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