News Headlines Article

S&P downgrades Sebastopol hospital debt
North Bay Business Journal

Standard & Poor’s Ratings Services has lowered Palm Drive Health Care District’s rating for the second time in six months. In August, S&P withdrew its “BB” long-term rating on the district’s bonds and certificates then removed the rating from CreditWatch, where it had been placed with “negative implications” on July 29. The rating is now at “CCC-plus.” The new rating is primarily due to the 2014 bankruptcy filing, according to district Executive Director Alanna Brogan.