Summary: Illinois Finance Authority Northwestern Memorial Hospital; Hospital Mar 09

Standard & Poors, March 2009

Abstract
Standard & Poor's Ratings Services revised its rating outlook to negative from stable on debt issued by the Illinois Finance Authority on behalf of Northwestern Memorial Hospital (NMH). At the same time, Standard & Poor's assigned its 'AA+' long-term rating on the authority's $455.975 million series 2009 bonds issued on the behalf of NMH and also affirmed its 'AA+/A-1+' dual rating on series 1995, 2002C, 2004B1, 2007A2, 2007A4, 2007B1, 2007B2, 2008A, and 2008B and its 'AA+/A-1' dual rating on series 2004B2, 2007A1, and 2007A3. NMH will have approximately $807.2 million in bonds outstanding post issuance. The negative outlook reflects NMH's weakened balance sheet following some strain in financial operating performance in 2008, expected from the opening of the new Prentice...

Companies mentioned in this report are:
- Northwestern Mem Hosp
- Illinois Fin Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Negative
Action: Withdrawn

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.

- Northwestern Mem Hosp
- Illinois Fin Auth

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