Moody's Investors Service has assigned a "Baa3" rating to $85 million of Shands Jacksonville (Fla.) Medical Center's series 2015 healthcare facilities revenue bonds.
Moody's has also affirmed the Shands' "Baa3" rating, affecting approximately $120 million of debt.
The rating assignment and affirmation are based on several factors, including Shands' strong relationship with the Gainesville-based University of Florida College of Medicine, Gainesville-based Shands Teaching Hospital and Clinics and the city of Jacksonville.
The outlook is revised to negative, reflecting Shands' financial pressures, including the increase in leverage and the opening of its new patient tower.
More hospital outlook and credit rating actions:
Moody's affirms Children's Hospital of Philadelphia's 'Aa2' and 'Aa2/VMIG 1' ratings
Moody's affirms Norman Regional Hospital's 'Baa2' rating
Moody's affirms Wake Forest Baptist's 'A2' rating