Moody's Investors Services has downgraded the rating on Manning, S.C.-based Clarendon Hospital District's $4.8 million of outstanding rated debt to "Baa2" from "A2."
The downgrade was based on a number of factors, including the district's narrowed cash position.
Clarendon Hospital District has a negative outlook, which reflects Moody's expectation "that the district will be challenged to restore cash reserves given ongoing operating challenges faced by its healthcare facilities and the small-hospital sector overall."
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