Summary: Illinois Finance Authority Memorial Health System; Hospital Jan 11

Standard & Poors, January 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'A+' long-term rating on the Illinois Finance Authority's $150 million series 2009 hospital revenue bonds issued on behalf of Memorial Health System. The outlook is stable. The rating is based on our opinion of Memorial's solid operations, stable management team that has been able to continue to grow market share in the challenging economy, and good balance sheet for the rating. More specifically, the rating reflects our opinion of Memorial's: Solid operations for the fiscal year ended Sept. 30, 2010, with an operating margin of 5.6% as compared with 6.4% in fiscal 2009; Good maximum annual debt service coverage (MADS) of 4.9x for fiscal 2010; Good and improving balance sheet with 206 days'...

Companies mentioned in this report are:
- Memorial 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.

- Memorial Hlth Sys
- Illinois Fin Auth

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