Fitch Ratings downgraded Burlington, Mass.-based Lahey Health System to "BBB+" from "A."
Concurrently, Fitch assigned its "BBB+" issuer default rating to Lahey Health System.
The downgrade and assignment are based on several factors, including the health system's highly competitive service market, high adjusted debt levels as well as its improving, but compressed, operating margins following several challenging fiscal years.
The outlook is revised to stable at the lower rating.