Moody's Investors Service has downgraded the rating to "Aa3" from "Aa2" on Coral Gables-based Baptist Health South Florida's bonds and taxable notes.
The rating downgrade is based on several factors, including BHSF's marked decline in margins, weaker operations and the presence of multiple competitors in the area.
The outlook is stable, reflecting Moody's Investors Service's expectation that reduced operating flexibility will be met with cost and revenue improvement initiatives.