S&P Global Ratings raised the rating on Downers Grove, Ill.-based Advocate Health Care Network's various series of fixed-rate tax-exempt bonds to "AA+" from "AA."
"The [ratings action reflects] our view of AHCN's extremely solid enterprise profile, which includes a leading market position in the Chicagoland market and its national reputation in developing a strong clinically integrated physician network model, which has allowed it to successfully manage increasing value-based reimbursement," said S&P analyst Suzie Desai.
The ratings agency also affirmed the ratings on AHCN's following bonds:
- "AA+/A-1+" on its various series of variable rate demand bonds
- "A-1+" short-term rating on its series 2008C-3B bonds
The outlook is stable, reflecting S&P's view of AHCN's continued market leadership, extensive physician network and solid financial profile.