The Ascension Health system was formed by the combination of the Daughters of Charity National Health System and the Michigan-based Sisters of St. Joseph in August 1999. The vast majority of the Ascension Health system participates in the Ascension Health Credit Group. The long-term rating on Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority's bonds, issued on behalf of Ascension Health, Mo.'s Hospital De La Concepcion Project, reflects: Considerable geographic and financial dispersion among system members; An excellent financial profile highlighted by light leverage, strong liquidity, and abundant cash flow; and Improved performance through nine months in fiscal 2000 after disappointing operating results in fiscal 1999; and Strong management that operates the system though a lean
