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Summary: Illinois Finance Authority Sherman Health; Hospital Mar 10 Product Image

Summary: Illinois Finance Authority Sherman Health; Hospital Mar 10

  • ID: 1723811
  • March 2010
  • Region: Illinois
  • Standard & Poors

FEATURED COMPANIES

  • Illinois Fin Auth
  • Sherman Hlth
  • MORE

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' long-term and underlying ratings (SPUR) on the Illinois Finance Authority's series 1998 and 2007A bonds, issued for Sherman Health. The outlook is stable. The rating affirmation reflects adequate performance that is in line with our expectations. In February 2009, we lowered the Sherman rating because of Sherman's sharp drop in liquidity and an expected operating loss primarily due to costs associated with Sherman's move into a replacement hospital in December 2009. As of the third quarter of fiscal 2010, ended Jan. 31, Sherman was in line with the majority of its projections that we received last year. However, after Sherman made a large equity contribution toward the project, liquidity is approximately 30...

Companies mentioned in this report are:
- Sherman Hlth
- 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 READ MORE >

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