Moody's Investors Service has downgraded Marysville, Calif.-based Fremont-Rideout Health Group's revenue bond rating to "Baa2" from "A3," affecting approximately $112 million of debt.
The downgrade is based on several factors, including a material drop in operating performance in fiscal year 2015 and a material drop in days cash on hand.
The outlook is negative, reflecting FRHG's ongoing challenges regarding operating performance and the expectation that days cash on hand will continue to drop.