Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Lee Memorial Health System Board of Directors, Fla.'s bonds (LMHS), issued for Lee Memorial Health System, to 'A' from 'A+', and removed the rating from CreditWatch with negative implications, where it was placed on Sept. 14, 2006. The lowered rating reflects a sizeable debt issuance of $275 million that increases LMHS's existing debt by 69% to $673 million, adding financial stress to many key income statement and balance sheet ratios at the higher rating level, including debt service coverage and liquidity. At the same time, Standard&Poor's assigned its 'A' long-term rating to the LMHS's $275 million hospital revenue bonds, series 2007, and affirmed its 'A-1' rating on
