NEW YORK - Moody's Investors Service said it has downgraded Crotched Mountain Rehabilitation Center, N.H.'s (CMRC) issuer rating to Baa3 from Baa2.
The outlook remains negative at the lower rating level.
The downgrade addresses the continued operating deficits, which has grown significantly in fiscal year (FY) 2007 and the continued stress on the balance sheet.
The negative outlook reflects Moody’s concern regarding the declining unrestricted cash balance given its expectation of continued weak operating performance.
