Moody's Investors Service affirmed its "A3" rating on Sandusky, Ohio-based Firelands Regional Medical Center, affecting $77 million of debt.
The affirmation is based on several factors, including the medical center's leading market share, strong liquidity metrics, manageable debt burden and moderate capital needs. Moody's also acknowledged FRMC's higher than average leverage metrics and compressed operating performance.
The outlook was revised to negative from stable, reflecting the health system's forecasted margins in fiscal year 2018, which are expected to be modest.