Summary: Illinois Finance Authority Kishwaukee Health System; Hospital Apr 07
Standard & Poors, April 2007
Abstract
Standard & Poor's Ratings Services affirmed its 'A-' underlying rating (SPUR) on Illinois Finance Authority's $63.1 million series 2005 bonds, issued for KishHealth System (KHS), formerly known as Kishwaukee Health System. The rating reflects: Continued strong operating margins due to favorable demographics and volumes, good expense controls, and critical access hospital status at one of KHS' smaller hospitals; Solid unrestricted cash levels, with more than almost 300 days' cash on hand at fiscal year-end 2006; and A steady primary market share of 66% with the nearest competitor 30 miles away. Offsetting factors include: Potential operating pressures over the next couple of years from the opening of the replacement hospital and its increased expense base in fiscal 2008; and Some competition...
Companies mentioned in this report are:
- Kishwaukee Hlth Sys
- Illinois Fin Auth
Action: Affirmed
Action: Outlook: Stable
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Kishwaukee Hlth Sys
- Illinois Fin Auth
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