Moody's Investors Service cut Torrance Memorial Medical Center's long-term rating to A2 from A1 ahead of a $234 million issue planned for next month.

The rating agency said it downgraded the credit because of a 330% increase in outstanding debt and risks associated with building a new patient tower on its main campus. The lower rating affects $56 million of bonds issued in 2001 and $34 million issued in 1992.

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