Moody's Investors Service upgraded Chicago-based Presence Health's bond and issuer rating seven notches to "Aa2" from "Baa3," affecting $1 billion of rated debt.
Presence became a subsidiary of St. Louis-based Ascension March 31, and on May 23 Presence's master trust indenture was transferred to Ascension's master trust indenture obligated group. The upgrade is a result of the change in bondholder security.
The outlook was revised to stable at the higher rating level.