Moody's Investors Service downgraded the Health Alliance of Greater Cincinnati to A2 from A1 after two hospitals separated from the five-hospital system and two more have said they intend to leave. The outlook remains negative.

The move affects $122 million of bonds issued in 2001, but the downgrade reflects only the credit profile of Health Alliance, not an analysis of the bonds' legal security, Moody's said. The bonds are insured by Financial Security Assurance, now Assured Guaranty Municipal Corp.

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