Moody's downgrades Westchester Medical Center's rating

Moody's Investors Service has downgraded Valhalla, N.Y.-based Westchester Medical Center and Charity Health System's rating to "Baa2" from "Baa1," affecting $500 million of outstanding debt.

The rating downgrade is based on several factors, including a sizable and unexpected increase in debt and weak liquidity.

The outlook is stable, reflecting Moody's expectation that early improvement at Charity Health System will continue.

Moody's also assigned a "Baa2" rating to WestchesterMedicalCenter's proposed series 2016 fixed rate bonds, affecting $284 million.

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