The long-term rating on the Illinois Development Finance Authority's bonds, issued for Ascension Health, Mo.'s St. Vincent De Paul Center, reflects: Considerable geographic and financial dispersion among system members; A solid financial profile, highlighted by light leverage, strong liquidity, and abundant cash flow; Improved performance in fiscal 2000, after disappointing operating results in fiscal 1999; and Strong management, which operates the system though a lean central office with many value-added services, combined with a demonstrated ability to prune nonperforming assets. The rating also reflects an expectation that the only remaining system member that is not part of the credit group--Health Partners, in Chicago--will be significantly restructured, creating a reasonable chance that this will generate a negative nonrecurring adjustment in the
