OREANDA-NEWS. S&P Global Ratings assigned its 'A+' long-term rating to the Illinois Finance Authority's $73 million series 2016 revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the Illinois Finance Authority's series 2006C, 2009, and 2013 bonds. Finally, the rating service affirmed its 'AAA/A-1' dual rating and 'A+' underlying rating (SPUR) on the authority's series 1996B variable rate demand bonds (VRDBs). All bonds were issued for Riverside Health System (RHS). The outlook is stable.

The 'AAA' long-term component of the rating on the series 1996B bonds is based on the application of S&P Global Ratings' low-correlation joint criteria methodology, whereby the rating on the letter of credit (LOC) provider, JPMorgan Chase Bank N. A., is 'A+/A-1'. The 'A-1' short-term component of the rating is based solely on the LOC provided by JPMorgan Chase Bank. The series 1996B bonds are scheduled to expire on Nov. 15, 2016 but are in process of renewal.

"We continue to assess RHS' financial profile as very strong and view the enterprise profile as strong," said S&P Global Ratings credit analyst Brian Williamson. "The very strong financial profile reflects our view of RHS' robust financial performance and sound liquidity and financial flexibility."

"The strong enterprise profile reflects our view of its stable market position and strategy and the limited economic fundamentals reflecting the size of the population of the primary service area, "Mr. Williamson said. "We think these combined credit factors, coupled with the extremely high reserves as it relates to days' cash on hand, lead to an indicative rating level of 'a+' and a final rating of 'A+'."