Standard&Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR) on Franciscan Missionaries of Our Lady Health System Inc. (FMOLHS), La.'s $273.5 million outstanding bonds, issued by Louisiana Public Facilities Authority. The outlook is stable. FMOLHS' year-to-date results through May 31, 2005, are impressive and a significant improvement from the operating losses the system experienced over the past two fiscal years. The system's balance sheet continues to be a key credit strength. The anticipated $179 million in new money debt that is likely to be issued by the end of the year is sizable but manageable. All of the system's hospitals are located in challenging markets characterized by rising competition. As a result, market share and volume declines continue
