At the same time, Moody's affirmed Health First's existing A2 revenue bond ratings. The outlook is stable. Following this transaction, Health First will have about $833 million of total debt outstanding.RATINGS RATIONALEThe assignment and affirmation of the A2 rating reflects Moody's view that recent improvement in cash levels will help absorb a meaningful rise in debt and capital spend. Although days cash and cash to total debt will decline from fiscal 2021 levels, these measures will remain adequate for the rating category. The A2 rating also assumes that operating cash flow (OCF) margins will likely return to solid levels after moderation in fiscal 2022 due to certain non-recurring items.Health First will benefit from its leading market position, supported by its long-standing health plan and physician network.