HEALTH

Moody’s Downgrades California Hospitals: Citing the fierce competitiveness of the state’s health care market, Moody’s Investors Service said the credit-worthiness of its hospitals has suffered a “pronounced deterioration.” The New York-based bond-rating service said it downgraded its credit opinions for a third of 22 California hospitals that it reviewed, including such prestigious institutions as Cedars-Sinai Medical Center in Los Angeles and Stanford University Hospital in Palo Alto. “The ratings downgrades reflect strained financial performance in a rapidly changing and intensely competitive California health care market,” Moody’s said. The downgrades affected about $618 million in debt outstanding.