...Adventist Health System (Aa2 stable), dba AdventHealth (AH), will benefit from strong margins resulting in low operating leverage, solid cash levels and relatively large scale. Atypical of multistate systems, revenues and cash flow will continue to be heavily concentrated in Florida, where AH will increase its presence. AH acquired two Florida hospitals in 2018 from CHS, a for-profit operator, and recently signed a definitive agreement to acquire two more hospitals in the state from CHS. AH also recently signed a definitive agreement to acquire minority ownership of Health First, a four-hospital Florida system, which will expand AH's network into Brevard County. Florida's highly competitive markets will provide a key risk to AH going forward; recent elimination of state CON regulations will exacerbate this risk. Overall inpatient trends will slow with sector shifts to outpatient services; at the same time, competition for outpatient services will increase. However, AH will continue to offset...