Months before the Palomar Health downgrade, BondWave Muni News users knew there was going to be trouble
Multi-Year Warning
By harnessing the power of data collection, Natural Language Processing (NLP) and other AI techniques, you can glean insights into emerging issues with municipal obligors (and associated muni bonds at the CUSIP level). Our AI-driven content enables businesses to make sense of the overabundance of news and other unstructured data sources in real-time.
Case in Point – Palomar Health
Palomar Health, based in Escondido, CA, experienced credit rating downgrades from both Moody’s and Fitch in December 2024. Fitch went on to downgrade them a second time a few months later in March 2025. For BondWave Muni News users monitoring this obligor, these developments came as no surprise. Over the past few years, our platform identified and highlighted several key risk indicators—including persistent staffing shortages, increased competition, a significant data breach, and ongoing financial distress. These events served as early warning signs, underscoring the value of proactive monitoring of your investment portfolio.
BondWave surveils all U.S. muni obligors and provides early warnings on material changes. You can use our AI platform to monitor and analyze hundreds of thousands of articles a day, simplifying research processes from 10 hours down to as little as 10 minutes. And that research is made more fruitful by revealing trends and educated predictions.
Timeline of Events
| DATE | ARTICLE HEADLINES | EVENT |
|---|---|---|
| 04/12/23 | Palomar Health launches $100,000 nurse incentive and recruitment program | Staff Shortages |
| 07/31/23 | Palomar Health says it’s not worried about new Kaiser hospital opening next month in San Marcos | Competition from Kaiser |
| 11/04/23 | Palomar Health Board Member Sues Palomar Health on First Amendment Grounds | Lawsuit |
| 11/15/23 | Palomar Health to explore big management changes | Management Changes Needed |
| 12/08/23 | Palomar Health CEO Promised Big Financial Gains But Fell Short | Poor 2023 Performance |
| 02/26/24 | San Diego’s Palomar Health placed on Moody’s review for downgrade | Review for Downgrade |
| 02/29/24 | North County Report: Palomar Health Is Making Big Management Moves | Outside Management Firm Enlisted |
| 04/05/24 | Palomar Health closing behavioral health unit in Poway | Shutting Down Unit |
| 05/13/24 | Palomar Health Announces Cyber Attack, Raising Patient Concerns of Possible Data Breach | Data Breach |
| 06/13/24 | Escondido Dem Club Dumps Palomar Health Board Members Amid Fear of Privatization | Loss of Support |
| 09/27/24 | Palomar Health, Graybill split following cybersecurity event: 9 things to know | Loss of Service Agreement |
| 11/25/24 | Signs of financial distress visible at Palomar Health | Financial Distress |
| 12/02/24 | PALOMAR HEALTH: Moody’s Cuts Revenue Rating to B2, Placed on Review | Moody’s Downgrade |
| 12/19/24 | Fitch Downgrades Palomar Health’s (CA) IDR to ‘B’ and GO’s to ‘BBB-‘; Ratings on Neg Watch | Fitch Downgrade |
| 03/19/25 | Palomar Health’s Fitch rating falls further into junk | Fitch 2nd Downgrade |
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