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Advocate Health Care Network, Illinois; Health Care, System; Public Finance Structured, Liquidity Facility Feb 02
Standard & Poors, Feb 2002
Abstract
The rating on the Illinois Health Facilities Authority's outstanding debt, issued for the Advocate Health Care Network (AHCN), reflects sound management; strong patient utilization and market presence; a very strong financial position, with excellent, 4.9 times (x) coverage of maximum annual debt service for the fiscal year ended Dec. 31, 2000; and moderate leverage, evidenced by a 29.8% debt-to-capital ratio. The short-term rating reflects a standby bond-purchase agreement provided as a liquidity facility by Bank One N.A., Northern Trust Co., and Bank of America NT and SA. AHCN's outlook is negative, reflecting continuing reimbursement and cost pressures, which have lowered profitability; concern about realizing operating efficiencies from a diverse range of system assets; and the possibility of additional debt issuance...
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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