...S&P Global Ratings affirmed its '##-' long-term rating on the Illinois Finance Authority's outstanding revenue bonds issued for the Ann & Robert H. Lurie Children's Hospital of Chicago (Lurie Children's). Children's Hospital of Chicago Medical Center is the parent organization for the system, and we refer to the combined system in this report as Lurie Children's. The outlook is stable. The rating reflects our view of Lurie Children's healthy enterprise profile and sound balance sheet, which provide it some, although not unlimited, cushion to weather operating stress related to COVID-19. Lurie Children's operating profile was relatively healthy through the first six months of fiscal 2020 (ended Feb. 29, 2020). However, beginning in March 2020, inpatient and outpatient volumes declined markedly as a result of the COVID-19 pandemic, with the state-mandated cancellation or deferral of nonessential procedures. This put substantial pressure on operating revenue, and Lurie Children's incurred...
