NEW YORK - Moody's Investors Service said it has downgraded to Ca from Caa1 the long-term rating assigned to Westerly Hospital's (Westerly) Series 1994 bonds issued by Rhode Island Health & Educational Building Corporation. Moody's is withdrawing the rating at this time due to insufficient information.
The downgrade to the Ca bond rating reflects Moody's estimate, with the limited information available, of the recovery for bondholders after Westerly filed for receivership on December 15, 2011. There continues to be some uncertainty of the outcome of the special master's decisions regarding future debt payments and the level of recovery available to bondholders.
