CHICAGO - Standard & Poor's has revised its outlook on Rush University Medical Center Obligated Group's A rating to positive from stable.
"The outlook revision reflects our view of Rush's strengthening business and financial position as a result of a major investment in its main campus and planned investments in programmatic growth and expanded patient access," said Standard & Poor's analyst Avanti Paul.
Standard & Poor's action follows Fitch Ratings move earlier this year to upgrade Rush to A-plus from A in recognition of the Chicago institution's consistently strong profitability.
Rush has more than $550 million of debt outstanding from issues in 2006, 2008, and 2009, which was sold through the Illinois Finance Authority.
Rush's $1.1 billion overhaul of its main campus on Chicago's near west side is mostly complete and reduced capital spending levels going forward should further improve the system's liquidity, Fitch said in its report.
Rush operates an academic medical center and two community hospitals in Chicago and the surrounding suburbs with a total of 1,237 licensed beds and total operating revenues of $1.8 billion in fiscal 2013.
Moody's Investors Service revised its outlook on Rush's A2 rating to positive from stable due to good operating margins last year.
