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Advocate Health Care Network Illinois Health Facilities Authority; Health Care, System; Public Finance Structured, Liquidity Facility Apr 03
Standard & Poors, April 2003
Abstract
The outlook revision and ratings affirmation on Illinois Health Facilities Authority's outstanding debt, issued on behalf of the Advocate Health Care Network (AHCN) based in Oak Brook, Ill., reflect 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 moderate leverage, evidenced by a 30.1% debt-to-capital ratio. AHCN's unrestricted cash and investments totaled $1.06 billion at fiscal year end 2002, equating to a favorable 203% cash to debt ratio. At Dec. 31, 2002, AHCN had approximately 44% of its investment portfolio in equities and 56% in cash and fixed income securities. The short-term rating reflects a standby bond-purchase agreement...
Companies mentioned in this report are: Advocate Hlth Care Network,Illinois Hlth Fac Auth
Action: Outlook Revised
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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