...S&P Global Ratings assigned its '###-' long-term rating to California Municipal Authority's $153.3 million series 2017 refunding revenue bonds and the $56.2 million series 2017 certificates of participation issued for Palomar Health (f/k/a Palomar Pomerado Health). S&P Global Ratings also affirmed its '###-' long-term rating on Palomar Health's series 2016 revenue refunding bonds and series 2010 revenue bonds. The outlook is stable. The rating assignment and affirmation reflects our view of Palomar Health's very strong enterprise profile, combined with a vulnerable but improving financial profile through fiscal 2017. Overall, Palomar's enterprise strength remains sound and reflects incremental growth in patient volumes and a sound market share in its defined primary service area (PSA) in northern San Diego County. While Palomar Health's financial profile remains vulnerable with a high debt load, very light unrestricted reserves, and pressured operations, its overall financial profile has...
