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Provena Health Gets Boost in Its Bond Ratings

Posted on: Friday, 13 January 2006, 21:00 CST

By The News-Gazette, Champaign-Urbana, Ill.

Jan. 12--MOKENA -- An increase in inpatient admissions in the Chicago area helped boost the bond ratings for Provena Health, which also owns hospitals in Urbana and Danville, the Mokena-based health system says.

Provena said Wednesday its bond rating had been upgraded to the "A" category with a stable outlook forecast by both Moody's and Standard & Poors.

Provena achieved an "A3" rating from Moody's and an initial public rating from Standard & Poor's of "A-."

Provena previously had a "Baa1" rating from Moody's.

Provena Health President William Foley said the improved ratings reflect hard work by the system's employees and managers to improve quality, service and access for patients.

Provena said both rating agencies cited the system's consistently improved operating performance for the last three years: Aggregate operating income was more than $70 million for those three years compared to $135 million in losses for the previous four years, the system said.

Other factors include increased capital investment and a consistent leading or number two market share in all six of its communities, Provena officials said.

Provena Health says it plans to spend more than $700 million on technology and new facilities over the next five years.

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Copyright (c) 2006, The News-Gazette, Champaign-Urbana, Ill.

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Source: The News-Gazette

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