NEW YORK (Standard&Poor's) Dec. 18, 2001--Standard&Poor's today affirmed its single-'A'-plus and 'A-1'-plus ratings on the Lee County Hospital Board, Fla.'s outstanding debt, issued for the Lee Memorial Health System. The long-term rating reflects: -- The system's dominant market share as one of only two providers in Lee County, capturing 70% of admissions, combined with strong volume growth; -- Solid liquidity levels, with unrestricted cash and investments totaling $378 million, equal to 350 days' operating expenses and 105% of long-term debt outstanding; and -- Improving financial performance in fiscal 2001 (unaudited), mainly due to revenue enhancements and cost containment, following several years of operating deficits. Offsetting credit factors include a relatively high debt load, evidenced by long-term
