Standard&Poor's Ratings Services lowered its rating to 'BBB+' from 'AA-' on Palomar Pomerado Health District (PPH), Calif.'s series 2005A GO bonds. The lowered rating reflects a criteria change in Standard&Poor's approach to tax-secured hospital district debt by increasing the focus on the credit quality of a hospital, along with the traditional tax secured analysis. More specifically, the lowered rating was based on: Expectation of future bond issuance, both GO and revenue debt; Construction risk for a very large project and a modest dependence on fund raising, although very little has been demonstrated to date, along with an expectation that future routine capital expenditures will have to be curtailed to complete the project in 2012, Dwindling, though
