El Paso County Hospital District, TX – Hospital Revenue Surveillance Report

Rating Summary

The long-term rating continues to reflect El Paso County Hospital District’s (the “District’s”) role as a safety net provider and Level I trauma center for El Paso County, TX (the “County”); increasing patient volumes; adequate, fairly stable operating revenues supporting repayment of debt; and manageable future capital needs. Counterbalancing these strengths are the District’s considerable reliance on governmental payors, which limits its ability to improve margins; and weak, though stable, unencumbered liquidity.

Hospital Revenue Bonds are limited obligations of the District, payable from and secured by a lien on and pledge of Pledged Revenues (“Pledged Revenues”) and certain funds and accounts established under the Revenue Obligations Indenture of Trust (the “Indenture”). Pledged Revenues incorporate, on a gross basis, all revenue, rates, fees and charges generated by the District from its operation and ownership of Hospital Facilities, principally University Medical…