Moody's Investors Service downgraded Kuakini Health System's bond rating because of continued operating losses.

The agency lowered the rating to Ba1 from Baa3 on $29 million of the hospital's debt.

The company operates Kuakini Medical Center, the seventh-largest private acute care hospital in Hawai'i.

The financial ratings service earlier this year affirmed the "A1" debt rating for Queen's Health System's $385 million of debt, or two grades below its highest rating, and said the long-term rating outlook was stable.