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Ascension Health, Indiana; Health Care, CP; Health Care, Hospital; Health Care, System May 02
Standard & Poors, May 2002
Abstract
The private placement of the Indiana Heart Center LLC's taxable auction-rate notes is based on a guaranty agreement executed by Ascension Health. The guaranty is secured on parity with Ascension Health's outstanding rated debt. The 'AA' rating reflects: The maintenance of a solid operating profile, highlighted by improved operations in each of the past two years, and continued improvement for the nine-month interim period ended March 31, 2002; Considerable geographic and financial dispersion among system members, as Ascension Health remains the largest non-governmental not-for-profit health system in the country; A solid balance sheet, reflecting moderate pro forma debt levels, light debt service as a percentage of revenue, and sizable unrestricted investments, which, though very large on an absolute basis, remain...
Companies mentioned in this report are: Ascension Health Alliance
Action: New Rating
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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