...Adventist Health System (AHS, Aa2 stable) will benefit from strong margins resulting in very low operating leverage, solid cash levels and relatively large scale. Atypical of multi- state systems, revenues and cash flow will continue to be heavily concentrated in Florida, where AHS will increase its presence as highlighted by its recent decision to acquire two hospitals from CHS, a for-profit system. Florida's highly competitive markets will provide a key risk to AHS going forward. Overall inpatient trends will slow as AHS takes deliberate steps to standardize care and improve outcomes, and competition for outpatient services will increase. However, AHS will continue to offset volume pressure with cost cutting initiatives aided by its highly centralized management model and well-tenured leadership. AHS's Chicago joint venture, AMITA, will likely gain more traction as it integrates Ascension's newly acquired Presence facilities. Strong daily liquidity will support AHS's VMIG 1 and P-1 ratings....