Moody's Investors Service has downgraded Chicago-based Presence Health, Provena Health and Resurrection Health Care's ratings to "Baa3" from "Baa2."
The ratings are issued as parity obligations under the Presence Health master indenture. After merging, Provena Health and Resurrection Health Care were renamed as Presence Health.
The downgrades are based on Presence Health's poor operating performance in fiscal year 2015.
The outlook is negative, reflecting ongoing operating pressure, which could materially weaken Presence Health's balance sheet.
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