The ratings on Utah County, Utah's series 2002A hospital refunding revenue bonds, issued for IHC Health Services Inc., reflect: The excellent, stable, and deep management team's proven ability to build on the system's strengths and prudently shepherd the system's resources; An impressive market position, with dominance of a large, economically robust area in Utah; A longstanding history of healthy and improving operating profitability, which has always met or exceeded management's projections, despite pressures that have depressed the performance of many other health systems; Tremendous operating and pricing flexibility, as a result of the system's dominant market position and low-cost structure; A solid balance sheet that shows management's steady development of liquidity, measured use of debt, and flexibility in its long-range
