| Abstract: | The 'A' rating on Michigan State Hospital Finance Authority's hospital revenue and refunding bonds series 2001, issued on behalf of Sparrow Obligated Group, reflects: Solid operating and profit margins; Good leverage position, with pro forma debt-to-capitalization of 35%; and Solid pro forma maximum annual debt service of 2.94 times (x). Offsetting factors include a low, but increasing, liquidity position on a pro forma basis. Results reported are based on Sparrow Health System, a parent of Edward W. Sparrow Hospital, which is located in Lansing, Mich. Sparrow Health System consists of: Edward W. Sparrow Hospital, a 687-bed acute-care hospital; Clinton Memorial Hospital, a 28-bed facility; Carson City Hospital, a 99-bed facility; Physicians Health Plan of Mid-Michigan, the HMO for the system,
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