Robbinsdale, Minn.-based North Memorial Health Care has been downgraded from "Baa1" to "Baa2" as it faces a number of headwinds while low on cash, Moody's said Aug. 2.
The health system, whose flagship 353-bed North Memorial Health hospital in metro Minneapolis-Saint Paul is one of four level 1 trauma centers in the state, is not anticipated to increase its current level of days of cash on hand, which could drop to around 100 days, Moody's said.
The outlook for the two-hospital system was revised to stable from negative at the new rating.
North Memorial also operates medical transport service lines that include nine emergency helicopter bases and 120 ground ambulances. That division is responsible for about 10 percent of the system's overall revenues, Moody's said.