Moody's Investors Service downgraded Rangely (Colo.) Hospital District's rating to "Baa3" from "Baa2," affecting $28.9 million of rated debt.
The downgrade is a result of several factors, including the district's consecutive operating losses, unstable tax base and elevated debt burden.
The outlook is negative, reflecting Moody's expectation that the district's financial profile will be pressured in 2018.
Rangely Hospital District operates an 18-bed hospital, a family practice clinic, retail pharmacy, emergency medical facilities and assisted living facility in Rangely.