Moody's Investors Service affirmed the "Ba2" rating on Zanesville, Ohio-based Genesis HealthCare System's debt issued through the County of Muskingum, Ohio, affecting $292 million of outstanding debt.
The affirmation is a result of several factors, including Genesis' strong market position and improved balance sheet metrics and operating performance. Moody's additionally acknowledged challenges for Genesis such as its outsized debt load, weak leverage metrics and poor payer mix.
The outlook is stable, reflecting Moody's expectation that the system's debt coverage and operating performance will continue to improve, leading to balance sheet growth.