Ector County Hospital District recently had their bonds downgraded by Fitch Ratings and received an Issuer Default Rating.
ECHD’s rating was downgraded from BBB to BB+, with an Issuer Default Rating, and Fitch revised the rating outlook from negative to stable, a Fitch Ratings press release stated.
The district had a weak fiscal 2016 and 2017 performance reflected a decline in the regional economy since recovered and an electronic medical record implementation in fiscal 2017, the release stated.
Fitch expects the hospital district to improve profitability and operating margins with the hospital under new leadership, and with the return of CFO Robert Abernethy, creating an experienced management team, which changed the outlook rating from negative to stable, the release stated.
