Moody's Investors Service has assigned a "Baa1" rating to Stuart, Fla.-based Martin Memorial Medical Center's proposed $105 million of series 2015 revenue bonds and affirmed the "Baa1" rating on the existing revenue bonds.
The system rating and affirmation were based on a number of factors, including Martin Memorial Health System's market share growth and favorable financial performance after opening its Traditional Medical Center in December 2013.
The system's challenges include its high debt load and the additional debt to fund expansion at TMC, but Moody's expects the debt load to be manageable at the "Baa1" rating level.
The rating outlook remains stable.