Moody's Investors Service has downgraded McCamey (Texas) County Hospital District's general obligation limited tax bond rating to "Ba2" from "Baa2," affecting approximately $24.1 million.
The downgrade is based on several factors, including MCHD's significant concentration in mineral values resulting in assessed values that are estimated to fall between fiscal year 2015 and 2017.
The outlook is negative, reflecting Moody's Investors Services expectation of a 22 percent decline in MCHD's revenue due to the tax base contraction.