Moody's Investors Service last week downgraded Northwest Community Hospital's rating one notch to A1 due to its weakened financial performance.
The action affects nearly $289 million of rated debt. The hospital does not have an upcoming bond issue but over the next two months it will replace letters of credit on its Series 2008B and C bonds. JP- Morgan Chase Bank will provide the new LOCs. The hospital also will convert its 2002B bonds to a private placement.