Downgrades

The San Diego County-based healthcare district is at risk of "breaching financial covenants which, absent lender cooperation, could lead to acceleration of all of Palomar's outstanding revenue debt," Moody's Ratings analysts wrote.

The trifecta of sports team exits, homelessness and city leadership turnover has placed the San Francisco Bay area city on shaky fiscal ground.

After lowering the city's issuer rating a notch to A1, the rating agency warned of a possible further downgrade or withdrawal of the rating.

An outlook revision to positive for the state's Aa2 general obligation rating comes as a methodology update led to downgrades for certain revenue bonds.

Houston-based Texas Children's Hospital plans to sell about $222 million of tax-exempt, fixed-rate revenue bonds this week.

The one-notch general obligation and certificates of participation rating downgrades resulted from the application of Fitch's updated criteria.

Agency cites growing debt levels and midrange demographic and economic factors.

"We withdrew the rating because we have determined we do not have sufficient information to maintain a forward-looking credit opinion on the city," S&P said.

The criteria should result in a nearly equal number of upgrades and downgrades in the next half year, according to the rating agency.

The Washington state island hospital's financial turmoil brought rating downgrades from Moody's Ratings.

Pittsburgh-based Robert Morris University was downgraded by Moody's Ratings. The private university is part of a growing list of smaller higher education institutions, particularly in the Northeast, that are facing increasing financial pressures as the pool of potential students shrinks.  

Escalating operating losses led to bond rating downgrades for Wise Health System ahead of its potential acquisition this quarter.

The nonprofit regional healthcare system reported six straight years of operational losses in its most recent financial report.

While it's still relatively early to tell how much — if at all — the muni market will be impacted, Kara South, portfolio manager at GW&K Investment Management, said downgrades of certain municipal bonds are likely to follow.

Tioga Independent School District, located north of Dallas, has a state-appointed monitor to develop and implement "a corrective action plan."

Mild economic conditions resulted in slight changes to upgrades and downgrades in the third quarter, compared to the second quarter, S&P said.

The downgrade of Kaweah Delta Health Care District's revenue bonds to Ba1 affected $218 million of debt.

The downgrades for Alaska's largest city come less than two months after the mayor set returning the city's ratings to AAA as a goal in his fiscal 2023 budget.

S&P has Muncie and Plainfield on its watch list with negative implications.

The city, which Moody's downgraded last week, is appealing a Nassau County judge's ruling that has it on the hook for $131 million over a dispute with a developer.