Palomar Medical Center, Escondido
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Fitch Ratings has affirmed the BB+ rating on Palomar Health's outstanding debt and revised the rating outlook to negative from stable.

Only two years ago the healthcare operator, formerly known as Palomar Pomerado Health System, had a AA rating that was dropped to A-. Fitch says Palomar Health's financial performance has declined greatly due to problems with transition to a new facility in North County from downtown Escondido.

Fitch believes the North County market is a good one and Palomar can benefit from population growth along the I-15 corridor but says the debt burden is too high.

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Comments

shirleyberan Jan. 18, 2014 @ 1:26 p.m.

But Don it seems you haven't mentioned that recently CNN reported 5th grade level reading skills of over half of college athletes (footballers?). Talk about problems with transitioning and who could benefit from growth (intellectually). That's our burden.

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Don Bauder Jan. 18, 2014 @ 2:45 p.m.

shirleyberan: You are absolutely right. CNN did a chilling piece about the low reading skills of college athletes. One woman was hired to tutor basketball players at the University of North Carolina. One of her students could neither read nor write. There are other examples of illiteracy. Best, Don Bauder

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Visduh Jan. 18, 2014 @ 4:33 p.m.

Back to the Palomar topic, this debt burden matter is no surprise. They built a huge new facility, spared nothing according to their brags, and now have too much debt. As a resident of the No County, I'm happy to see something new. Tri-City hospital has had decades of a dysfunctional board in charge, the facility is old, and the overall picture there is one of not wanting to trust them. This area will continue to populate, and there will be a growing need for hospital services, and the new Palomar Medical Center is the place to get them. I'm not greatly worried about this.

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Don Bauder Jan. 18, 2014 @ 5:08 p.m.

Visduh: Yes, North County needed a first-rate facility. Maybe taking on the debt was worth it. Best, Don Bauder

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