Standard & Poor’s last week revised its outlook to stable from positive on the A rating it gives Little Company of Mary Hospital and Health Care Centers.

The hospital’s $134 million of debt was sold last year through the Illinois Finance Authority. Analysts attributed the revision to negative operating results in 2008, excluding one-time items, and roughly break-even results so far in 2009.

The current rating reflects excellent liquidity and light debt levels, as well as the hospital management’s willingness to defer capital projects until the economic climate improves. “The stable outlook reflects our view that the strong balance sheet metrics will continue to provide significant flexibility to LCOM as it seeks revenue growth,” analyst Cynthia Keller Macdonald wrote.

LCOM operates a 294-staffed bed general acute-care hospital in Evergreen Park, Ill., 15 miles southwest of Chicago.

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