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Moody's affirms Alexian Brothers Health, Ill., bonds
Moody's Investors Service said it affirmed Alexian Brothers Health System, Ill.'s A3 underlying bond rating, affecting about $406.5 million of outstanding bonds issued through the Illinois Finance Authority.
The outlook has been revised to negative from stable, reflecting two years of weakened financial performance, including a departure from historical operating performance in FY 2007.
The negative outlook incorporates the increase in leverage associated with the expected issuance of $45 million of series 2008 fixed-rate bonds.
Additionally, Alexian Brothers Health System intends to convert the series 2005A and series 2005B bonds from 35-day and seven-day auction modes, respectively, to fixed rate. The principal amount outstanding currently on the 2005A and 2005B bonds is $171.7 million, and the FSA insurance will remain outstanding.
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