Medicare inpatient reimbursement cuts have hurt hospitals' revenue in recent years, and now they're threatening to affect borrowing costs, too.

In August, after the Centers for Medicare & Medicaid Services announced that inpatient Medicare reimbursement in 2014 would climb by just 0.7 percent, Moody's Investors Service released a report that said the move is a "credit negative."

And with Medicare's accounting for 44 percent of the revenue of Moody's rated nonprofit hospitals, the cumulative effects of reduced Medicare reimbursement are starting to catch the attention of municipal bond analysts, according to a Moody's weekly credit outlook.

Lower-rated systems and hospitals are affected more, with higher-rated counterparts doing OK, say analysts.

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