Moody's Investors Service has downgraded Reading (Pa.) Hospital and Medical Center's bonds to "A2" from "A1," affecting $364 million of outstanding debt.
The downgrade is based on a number of factors, including a downturn in operating performance in fiscal year 2015 following weak performance in FY 2014. The "A2" rating is supported by Reading Hospital and Medical Center's leading market position and solid clinical demand trends.
The rating outlook is stable at the lower rating level, reflecting Moody's expectation that operating performance for FY 2016 will be breakeven.