CHICAGO — Moody’s Investors Service Thursday lowered its rating on Ohio-based Mercy Medical Center to its lowest investment-grade level — and revised its outlook to negative — warning that the facility is suffering from a sharp decline in its fiscal position.

The agency cut its rating two notches to Baa3 from Baa1 on nearly $80 million of outstanding bonds issued by Cuyahoga County on behalf of the hospital.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.