Moody's Investors Service assigned its "A3" rating to Annapolis, Md.-based Anne Arundel Health System's proposed $40.7 million of revenue bonds and $17.8 million of taxable revenue bonds.
Additionally, Moody's affirmed the "A3" rating on Anne Arundel Health System's outstanding bonds.
The assignment and the affirmation is a result of several factors, including the system's strong market position, historic trend of strong cash-flow generation and healthy patient demand. Moody's also acknowledged these strengths are tempered by recent performance, which moderates a multi-year trend of momentum.
The outlook is revised from positive to stable, reflecting marked deviation from budget in fiscal year 2017 and historic performance trends, which results in exacerbation of already elevated leverage metrics.
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