S&P cuts Coalinga Regional Medical Center, Calif.'s COPs to 'B-'
Sept 3 (Reuters) - Standard & Poor's Ratings Services on Tuesday cut its long-term rating on Coalinga Regional Medical Center, California's certificates of participation to B-minus from single-B. The series 2008A COPs, and subordinate series 2008B COPs were downgraded. The outlook is negative.
The district's rating downgrade is due to declining hospital operations, S&P said.
"In our opinion, deterioration in the hospital's underlying creditworthiness raises the risk that at some point the hospital district could file for bankruptcy, as it did in 2003, which could potentially interrupt the general property tax payments pledged to the COPs," S&P added.