Moody’s Cuts Credit Rating on Billions in Nonprofit Hospital Debt

Moody’s Investors Service cut credit ratings on $14.8-billion in debt held by nonprofit health-care organizations, the broadest such reduction in nine years, Bloomberg reports.

The downgrading of 54 entities’ credit reflects the recession’s toll on nonprofit hospitals. Moody’s raised ratings for 21 such organizations with $8.2-billion in debt, the lowest amount upgraded in six years.