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Advocate Health Care Network Illinois Health Facilities Authority; Health Care, System; Public Finance Structured, Liquidity Facility May 03
Standard & Poors, May 2003
Abstract
The 'A-1', short-term rating on the Illinois Health Facilities Authority's outstanding bonds issued on behalf of the Advocate Health Care Network (AHCN), based in Oak Brook, Ill. reflects an SBPA provided as a liquidity facility by Bank One N.A., Northern Trust Co., and Bank of America NT and SA. The long term, 'AA' rating affirmation reflects AHCN's: Sound management, strong patient utilization, and market position; A very strong financial position with 3.9x coverage of maximum annual debt service for the fiscal year ended Dec. 31, 2002 and 6.1x for the first quarter of 2003; and Moderate leverage, evidenced by a 29.7% debt-to-capital ratio at March 31, 2003. AHCN's unrestricted cash and investments totaled $1.06 billion at fiscal year-end 2002, equating...
Companies mentioned in this report are: Advocate Hlth Care Network,Illinois Hlth Fac Auth
Action: Affirmed
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.
Research Type: Full Analysis
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