S&P lowers Northwest Community Hospital bonds

Standard & Poor's said it lowered its dual rating to AA-/A-1 from AA/A-1 on Illinois Health Facilities Authority's series 2002B variable-rate demand bonds issued for Northwest Community Hospital.

S&P withdrew its underlying rating on the authority's $90 million series 2002A1-2 bonds because the hospital has refinanced that debt with a short-term financing instrument.

The A-1 short-term component of the dual rating is based on a Harris NA bank facility, which expires Oct. 25, 2008. The AA- long-term component of the rating is based on the credit of Northwest Community Hospital and fully factors in the hospital's series 2008 bond issue of about $240 million, $90 million of which will refinance existing debt.

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