Moody’s Investors Service last week downgraded its underlying rating on Northeast Ohio Medical University to Baa1 from A2. It also downgraded 2012 student housing revenue bonds to Baa3 from Baa1.
Moody’s in October downgraded the university to A2 from A1 and placed the rating under review for a possible further downgrade. The newest downgrade concludes the rating review. The outlook is now negative. The move affects $79 million of outstanding debt.