California Municipal Finance Authority Palomar Health; General Obligation; Hospital

S&P Global Ratings raised its long-term rating on California Municipal Finance Authority's outstanding revenue bonds and certificates of participation, issued for Palomar Health, to 'BBB' from 'BBB-'. S&P Global Ratings also withdrew its rating on Palomar Health's series 2010 revenue bonds, as they were refunded earlier this year. At the same time, S&P Global Ratings lowered its long-term and underlying rating (SPUR) on Palomar Health's outstanding general obligation (GO) bonds to 'BBB' from 'A'. The outlook on both the revenue bonds and GO bonds, where applicable, is stable. These positive and negative rating changes reflect the application of the U.S. and Canadian Not-For-Profit Acute Care Health Care Organizations criteria, published on March 19, 2018. The 'BBB' rating reflects our view

...S&P Global Ratings raised its long-term rating on California Municipal Finance Authority's outstanding revenue bonds and certificates of participation, issued for Palomar Health, to '###' from '###-'. S&P Global Ratings also withdrew its rating on Palomar Health's series 2010 revenue bonds, as they were refunded earlier this year. At the same time, S&P Global Ratings lowered its long-term and underlying rating (SPUR) on Palomar Health's outstanding general obligation (GO) bonds to '###' from 'A'. The outlook on both the revenue bonds and GO bonds, where applicable, is stable. These positive and negative rating changes reflect the application of the U.S. and Canadian Not-For-Profit Acute Care Health Care Organizations criteria, published on March 19, 2018. The '###' rating reflects our view of Palomar Health's strong enterprise profile, with very strong inpatient market share in a moderately large primary service area in northern San Diego County. The overall San Diego County economy is...

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