Moody's Investors Service has upgraded Rockledge, Fla.-based Health First's rating to "A2" from "A3," affecting approximately $322 million of outstanding bonds.
The rating upgrade is based on a number of factors, including Health First's leading market position and maintenance of higher performance over the past two years.
Offsetting these strengths are several challenges, including Health First's lower-than-average liquidity and leverage metrics.
The outlook is stable, reflecting Moody's expectation of continued strong financial performance in fiscal year 2016.