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Advocate Health Care Network, Illinois; Liquidity Facility; System Jun 06
Standard & Poors, June 2006
Abstract
Standard & Poor's Ratings Services affirmed its 'AA' long-term and underlying rating (SPUR) on various healthcare revenue and refunding bonds issued for Advocate Health Care Network (AHCN), Ill. Standard & Poor's also affirmed its 'A-1+' short-term rating on Illinois Health Facilities Authority's series 1997B and 2003 A-C bonds, issued for AHCN. AHCN's total long-term debt outstanding as of March 31, 2006 was $497.6 million. The 'AA' rating reflects: AHCN's leading 13.4% market share for calendar 2005 and acute-care admissions of more than 146,000, whereas the next largest health system in the area, Resurrection Health Care ('A' rating), had a 9.8% market share; The network's integrated health delivery system--Chicago's largest--with 4,600 physicians, of which 2,300 are affiliated with Advocate Health Partners,...
Companies mentioned in this report are: Advocate Hlth Care Network,Illinois Hlth Fac Auth,Illinois Fin Auth
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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