CHICAGO - Joining the parade of borrowers moving to restructure their auction-rate securities, St. Louis-based Ascension Health beginning tomorrow will make three trips to market in coming weeks to convert $1.4 billion of debt with the hope that its improved credit will give the system's financings an edge.

Ascension - the largest not-for-profit health care system in the county and one of the top rated - received a one-notch upgrade from Moody's Investors Servicelast year to Aa1 on its senior-lien debt and Aa2 on its subordinated debt. Standard & Poor's rates the system's senior and subordinate bonds AA/A-minus with an outlook that was revised to positive earlier this year, and Fitch Ratings has the credit at AA-plus/AA.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.