A rating of 'AA/A-1+' rating is assigned to Indiana Health Facility Financing Authority's $505 million series 2001-A revenue bonds issued on behalf of Ascension Health, and all ratings on Ascension Health's outstanding debt are affirmed. The rating reflects: The maintenance of a solid operating profile, highlighted by improved operations in each of the past two years, which was led by sharply improved performance at three of Ascension Health's larger local health ministries (although a weak stock market has hurt overall cash flow); Considerable geographic and financial dispersion among system members, as Ascension Health remains the largest non-governmental not-for-profit health system in the country; A solid balance sheet, reflecting moderate pro forma debt levels, light debt service as a percentage of
