Providence St Joseph Health downgraded for third time in three weeks

Providence St. Joseph Health’s revenue bonds were downgraded to A2 from A1 by Moody’s Investors Service, marking the third downgrade from a rating agency within the past three weeks. Moody’s on Monday also revised its rating outlook to negative on the $8.2 billion in debt it rates for the multi-state 52-hospital system headquartered in Renton, Washington, that has a second base of operations in Orange County, California. Debt issued by St. Joseph Health System of California was also downgraded to A2 from A1 by Moody’s, as it’s part of Providence following a credit substitution in October 2016. “The downgrade to…