Moody’s Investors Service upgraded to Aa3 from Baa2 its rating on St. Luke’s Hospital after it officially joined ProMedica Health System.

The upgrade reflects the new security backing $8.3 million of St. Luke’s debt now that the Toledo-area hospital is a member of ProMedica’s obligated group. St. Luke’s and ProMedica command a 42% market share and have modest debt and very strong liquidity of 302 days cash on hand, Moody’s said.

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