Additionally, Fitch downgraded the rating on PH’s series 2007A, 2009A and 2010A general obligation bonds to “BB+” from “A+” and affirmed the “AAA” rating on PH’s series 2016A and 2016B general obligation bonds based on pledged special revenue analysis.
The “BB+” affirmation is result of PH’s improved operating performance, strong market position, sufficient liquidity metrics and healthy economic tax base.
The downgrade is a result of the health district’s issuer default rating.
The outlook was revised to positive from stable on Palomar Health’s issuer default rating and outstanding revenue bonds, reflecting Palomar Health’s improved operating performance. In addition, Palomar Health’s series 2007A, 2009A and 2010A general obligation bonds were removed from rating watch evolving and the outlook is now positive. The outlook is stable for PH’s 2016A and 2016B general obligation bonds.
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