The long-term rating on bonds issued by various issuers on behalf of Ascension Health—a new health system formed by the combination of the Daughters of Charity National Health System (DCNHS—historically rated 'AA+') and the Michigan-based Sisters of St. Joseph (SSJ—four different health systems under one umbrella)—reflects: Considerable geographic and financial dispersion among system members; An excellent financial profile highlighted by light leverage, strong liquidity, and abundant cash flow, augmented by significant savings from this refinancing; and Strong management that operates the system though a lean central office, with many value-added services and demonstrated ability to prune nonperforming assets as needed. Other credit factors include: Disappointing operating results in fiscal 1999, based on a historical consolidation of the new credit group
