Moody's Investors Service has assigned a "Baa1" rating to Fremont, Calif.-based Washington Township Health Care District's proposed series 2015A revenue refunding bonds.
Moody's has also affirmed the "Baa1" rating on WTHCD's outstanding revenue bonds and assigned an "Aa3" rating to WTHCD's general obligation bonds.
The "Baa1" rating is based on several factors, including the maintenance of healthy unrestricted liquidity levels and the improved operating performance in fiscal year 2015. The hospital also faces numerous challenges, including operating in a highly competitive market and supporting a high debt load.
The outlook is stable, reflecting Moody's expectation that operating improvements will be sustained in FY 2016 and beyond.