Palomar Health, CA Debt Rating Lowered To 'BB+' From 'BBB' On Operating Performance And Reserves - S&P Global Ratings’ Credit Research

Palomar Health, CA Debt Rating Lowered To 'BB+' From 'BBB' On Operating Performance And Reserves

Palomar Health, CA Debt Rating Lowered To 'BB+' From 'BBB' On Operating Performance And Reserves - S&P Global Ratings’ Credit Research
Palomar Health, CA Debt Rating Lowered To 'BB+' From 'BBB' On Operating Performance And Reserves
Published Apr 02, 2024
2 pages (1044 words) — Published Apr 02, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

SAN FRANCISCO (S&P Global Ratings) April 2, 2024--S&P Global Ratings lowered to 'BB+' from 'BBB' its long-term rating on the California Municipal Finance Authority's revenue bonds and certificates outstanding issued for Palomar Health (Palomar) and its long-term rating and SPUR on Palomar's general obligation bonds. The outlook is negative. "The rating action reflects our view of Palomar's already vulnerable financial profile further depressed by a trend of deteriorating operating performance, a substantial and rapid decline in reserves and days' cash on hand, and an extremely high debt burden and leverage," said S&P Global Ratings credit analyst Aamna Shah. The negative outlook reflects our view of accelerated operating losses and diminishing balance sheet cushion.

  
Brief Excerpt:

...April 2, 2024 SAN FRANCISCO (S&P Global Ratings) April 2, 2024--S&P Global Ratings lowered to '##+' from '###' its long-term rating on the California Municipal Finance Authority's revenue bonds and certificates outstanding issued for Palomar Health (Palomar) and its long-term rating and SPUR on Palomar's general obligation bonds. The outlook is negative. "The rating action reflects our view of Palomar's already vulnerable financial profile further depressed by a trend of deteriorating operating performance, a substantial and rapid decline in reserves and days' cash on hand, and an extremely high debt burden and leverage," said S&P Global Ratings credit analyst Aamna Shah. The negative outlook reflects our view of accelerated operating losses and diminishing balance sheet cushion....

  
Report Type:

Ratings Action

Issuer
Palomar Health
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Palomar Health, CA Debt Rating Lowered To 'BB+' From 'BBB' On Operating Performance And Reserves" Apr 02, 2024. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Palomar-Health-CA-Debt-Rating-Lowered-To-BB-From-BBB-On-Operating-Performance-And-Reserves-3147417>
  
APA:
S&P Global Ratings’ Credit Research. (). Palomar Health, CA Debt Rating Lowered To 'BB+' From 'BBB' On Operating Performance And Reserves Apr 02, 2024. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Palomar-Health-CA-Debt-Rating-Lowered-To-BB-From-BBB-On-Operating-Performance-And-Reserves-3147417>
  
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