Johnson City, Tenn.-based Ballad Health confirmed it has terminated its engagement with Moody's after almost a year of not providing company information to the rating agency.
According to a notice dated March 22, Ballad Health informed Moody's May 19, 2022, it no longer wished to work with the agency because of time commitments and changes in Moody's staff assigned to the system.
Moody's only responded in February that it would continue to rate Ballad with or without its input and would update the system's rating in March. Moody's affirmed an "A3" rating for Ballad Health with a stable outlook March 20, the notice said, identifying the system as a "non-participating issuer."
"At this time, Ballad can confirm that its engagement of Moody's has been terminated and that Ballad will no longer be participating in any efforts by Moody's to update the rating in the future," Ballad Health said.
Ballad Health, which operates 21 hospitals as well as post-acute and behavioral health services, will continue to work with Fitch Ratings and S&P Global.