Moody's Investors Service revised Center City, Minn.-based Hazelden Betty Ford Foundation's outlook to negative from stable.
The outlook revision is based on several factors, including narrowing headroom on HBFF's financial covenant on the bonds.
Moody's also affirmed the "A3" rating on HBFF's $57 million of outstanding revenue bonds. The affirmation is based on HBFF's solid liquidity and position as the nation's largest nonprofit provider of substance abuse treatment.