Moody's Investors Service has downgraded the rating on Rootstown-based Northeast Ohio Medical University's series 2010 and 2011 general receipts bonds to "Baa2," affecting approximately $40 million.
The downgrade is based on several factors, including increased expense growth and a weakened liquidity profile.
The outlook is negative, reflecting ongoing challenges in terms of NEOMED's outsized financial leverage.
Moody's also affirmed the "Baa3" rating on NEOMED's $36 million of series 2012 student housing revenue bonds. The affirmation is based a number of factors, including improved occupancy rates of the project.