Moody's Investors Service said it has downgraded Phoebe Putney Memorial Hospital, Ga., long-term bond rating to A1 from Aa3.
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This action affects $107.9 million of outstanding certificates issued through the Hospital Authority of Albany-Dougherty County, Ga.
The rating outlook is stable at the lower rating level.
The downgrade is due to two years of softer financial performance followed by a material downturn in performance in fiscal year (FY) 2013 and a balance sheet that is no longer adequate for the Aa3 rating level.
