Moody's Investors Service has affirmed the "A1" long-term and underlying ratings assigned to Irvine, Calif.-based St. Joseph Health System's revenue bonds, affecting approximately $2.1 billion of debt.
Moody's also revised the system's outlook to stable from positive.
The outlook revision and rating affirmation were based on a number of factors, including SJHS' poorer-than-expected operating performance over the last several years.
The system's challenges are somewhat offset by its large revenue base and strong market position, which Moody's considered for the outlook revision.
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