PORTLAND, Maine (AP) - A leading credit rating agency has cut its rating for a Maine hospital group, downgrading the company’s debt to junk-bond status.
Moody’s dropped Eastern Maine Healthcare Systems to a Ba1 rating from Baa3. The move affects nearly $400 million in outstanding debt.
A spokeswoman says the company’s financial health has improved since the end of the past fiscal year, when it had an operating loss of nearly $35 million.
Moody’s says the company’s outlook remains negative.
The company says it has no near-future plans to raise money through bonds, which could be more expensive with a lower rating.
The spokeswoman said the credit rating has no effect on the care provided to patients. The company owns hospitals and other medical facilities throughout Maine.
Please read our comment policy before commenting.