MaineGeneral’s bond rating drops a notch
Moody’s Investors Service has downgraded the credit rating of MaineGeneral Health, parent company of MaineGeneral Medical Center in Augusta and the Thayer Center for Health in Waterville, from Ba1 to Ba2.
The Kennebec Journal reported Wednesday that Moody’s cited a weak financial performance in making the downgrade, which the newspaper said affects about $280 million in state bonds issued in 2011.
Terry Brann, MaineGeneral’s chief financial officer, told the newspaper the health care organization is financially sound and has seen an improvement in its cash reserves and cash flow since installing a new payment collections system.
“We’re performing very well within our metrics, and there are some very good stories to tell about our financial picture,” Brann told the newspaper. “We just need to get the revenue cycle issues behind us.”
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