Standard&Poor's Ratings Services affirmed its 'AA' long-term rating and its 'AA' underlying rating (SPUR) on roughly $3.4 billion in outstanding revenue bonds issued on behalf of Ascension Health (various issuers), as well as the 'AA-' long-term rating on $612 million in series 2005A subordinated revenue bonds. Standard&Poor's also affirmed its 'A-1+' short-term rating on Ascension Health's commercial paper program and its 'A-1+' short-term rating on the system's various variable-rate demand bonds (VRDBs). The 'AA' long-term rating on Ascension Health's debt reflects: Excellent geographic and financial dispersion, as the largest nongovernmental not-for-profit health system in the country; Robust operating profitability and cash flow, highlighted by further improvement in fiscal 2005 (marking the seventh consecutive year of improvement),
