SAN FRANCISCO (S&P Global Ratings) Oct. 18, 2022--S&P Global Ratings assigned its 'BBB' long-term rating to the California Municipal Finance Authority's anticipated $235.1 million (par) series 2022 tax exempt and taxable certificates of participation issued for Palomar Health (Palomar). At the same time, S&P Global Ratings affirmed its 'BBB' long-term rating on the California Municipal Finance Authority's outstanding revenue bonds and certificates issued for Palomar and its 'BBB' long-term rating and underlying rating (SPUR) on Palomar's general obligation bonds. The outlook is stable. "The rating incorporates our view of Palomar's vulnerable financial profile, which is highlighted by an improving operating trend, weak balance sheet, and debt profile that benefits from no contingent liabilities and lack of a defined benefit plan
