Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating to A-minus from A-plus on El Paso County Hospital District (doing business as University Medical Center, or UMC, of El Paso), Texas' previously issued general obligation debt.
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The ratings were also removed from CreditWatch where they were placed with negative implications May 21, 2015. The outlook is stable.
"We base the downgrade on our view of the district's declining cash levels related to operational pressures tied to the operation of El Paso Children's Hospital, which recently declared bankruptcy," said Standard & Poor's credit analyst Brian Marshall.
