Summary: Illinois Finance Authority Sherman Health; Hospital Mar 10

Standard & Poors, March 2010

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

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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.

- Sherman Hlth
- Illinois Fin Auth

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