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Nearly $220 million in Temple University Health System bonds have been downgraded by one of the major rating services.
The bonds were issued by the Philadelphia Hospitals and Higher Education Facilities Authority for Temple University Hospital and Temple University Children's Medical Center.
While noting that the health-care network is expected to make progress as a result of its extensive reconfiguration plans, Standard & Poor's nevertheless marked down two series of Temple bonds, from BBB+ to BBB, which is considered medium grade.
In their report on the Temple health system, S&P analysts Liz Sweney and Susan E. Hill acknowledged the Temple health system "is well managed, operates very efficiently, and is a low-cost provider in the Philadelphia …