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Advocate Health Care Network, Illinois; Health Care, System; Public Finance Structured, Liquidity Facility Jan 03
Standard & Poors, Jan 2003
Abstract
Standard & Poor's Ratings Services has affirmed its 'AA' and 'A-1' ratings on the Illinois Health Facilities Authority's outstanding debt, issued for the Advocate Health Care Network. The outlook is negative. The long-term rating reflects AHCN's sound management; strong patient utilization and market position; very strong financial position, with 5.8x coverage of maximum annual debt service for the fiscal year ended Dec. 31, 2001; and moderate leverage, evidenced by a 29.3% debt-to-capital ratio. For the nine months ended Sept. 30, 2002, AHCN recorded $29.2 million in operating income (1.5%) and an excess loss of $23.2 million (negative 1.2%) on total revenue of $1.93 billion. A $38.1 million non-recurring charge for professional liability insurance and a $14.8 million investment loss, both...
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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