NEW YORK (Standard&Poor's) March 22, 2002--Standard&Poor's today assigned its single-'A'-plus rating to the Lee Memorial Health System Board of Directors, Fla.'s $66.95 million of hospital revenue refunding bonds, series 2002A, issued for the Lee Memorial Health System. The rating reflects: -- The system's dominant market share--as the system is 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 -- Improved financial performance in fiscal 2001--mainly due to revenue enhancements and cost containment--following several years of operating deficits. Offsetting credit factors include a relatively high
