NEW YORK - Moody's Investors Service said it has downgraded Washington Township Health Care District, Calif.'s (WTHCD) long term revenue bond rating to Baa1 from A3, affecting $232 million of rated revenue bonds outstanding. The outlook is negative.
The District's Series 2006 and 2009 general obligation bonds are rated Aa2 on review for downgrade. The bonds are secured by the district's voter-approved unlimited property tax pledge. Bondholders of the general obligation bonds do not have any recourse to the hospital for payments under the bonds. Tax revenues and payments related to the general obligation bonds have been excluded from this analysis.