NEW YORK - Moody's Investors Service said it has assigned a Baa1 rating to Elliot Hospital's (Elliot) $130 million of Series 2009A fixed rate bonds to be issued by the New Hampshire Business Finance Authority, and downgraded Elliot's bond rating on $26.8 million Series 2003B fixed rate bonds to Baa1 from A3.
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The downgrade reflects the material increase in debt resulting in weakened balance sheet and debt coverage measures as well as the risks associated with a large construction project. The outlook has been revised to stable from negative at the lower rating level.
