NEW YORK (Standard&Poor's) March 1, 2007--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Lee Memorial Health System Board of Directors, Fla.'s bonds, issued for Lee Memorial Health System (LMHS), 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. The outlook is stable. Additionally, Standard&Poor's assigned its 'A' long-term rating to the LMHS's $275 million hospital revenue bonds,
