The rating Illinois Development Finance Authority's bonds reflects: * Limited competition, with CGH dominating their primary service area capturing 80% of the area's admissions; * Solid financial performance characterized by a light debt burden (3.5%), maximum annual debt service coverage of 4.6 times (x), and operating and excess margins of 5.0% and 7.1% respectively in fiscal 1997; * Adequate liquidity position with a solid cash position of $16.6 million, debt-to-capitalization at 14.1%, cash on hand equaling 128 days', and over 57% cash flow in fiscal 1997. Offsetting factors include: * Softening utilization trends with declines in both inpatient and outpatient visits in 1997, and * Local economic base dominated by Northwestern Steel&Wire Co. combined with an aging and
