Moody's Investors Service affirmed the "Aa3" and "Aa3/VMIG1" ratings on Boston-based Partners HealthCare System's $3.7 million of rated debt.
The rating affirmation is based on a number of factors, including the system's large size, strong market position and adequate balance sheet measures.
The outlook has been revised to negative from stable, reflecting Moody's Investors Service's expectation the health system will face continued losses in its insurance division and that its operating cash flow will remain suppressed for the next year.