Fitch Ratings downgraded Gaithersburg, Md.-based Adventist HealthCare's bond rating to "BB+" from "BBB-."
Concurrently, Fitch assigned its "BB+" issuer default rating to Adventist.
The downgrade and assignment is a result of Adventist's heavy debt burden and highly leveraged financial profile. Fitch favorably viewed the health system's good payer mix and solid operating margins.
The outlook is stable.