Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to A from A-minus on the Illinois Finance Authority's series 2008A and 2008B fixed-rate bonds issued for Ann & Robert H. Lurie Children's Hospital of Chicago (Lurie Children's, formerly Children's Memorial Hospital).
Standard & Poor's also withdrew its ratings on the series 2008C and 2008D variable-rate demand bonds, as the bonds were fully redeemed on Jan. 29, 2014. Children's Hospital of Chicago Medical Center (CHCMC) is the parent organization for the overall system.
"The rating action reflects our view of Lurie Children's completion and successful transition to its new location in the Streeterville neighborhood, strong unrestricted reserves that we anticipate will continue to incrementally improve, and decreased debt levels that have contributed to good debt service coverage," said Standard & Poor's credit analyst Suzie Desai.
The stable outlook reflects CHCMC's continued strong business position, improved balance sheet, solid cash flow margins, and good coverage.
