Moody's Investors Service has affirmed the "A1" rating on Winchester, Va.-based Valley Health System's $184 million of revenue bonds.
The rating affirmation is based on several factors, including Valley Health's leading market position, strong operating performance and solid financial reserves.
Offsetting these strengths are its high leverage and heavy exposure to governmental payers.
The outlook is stable, reflecting Moody's Investors Service's expectation that Valley Health will sustain its operating performance.