Standard&Poor's Ratings Services assigned its 'A+' rating to Lee Memorial Health System (Lee) hospital revenue bonds, series 2003A, and affirmed its underlying rating (SPUR) of 'A+' on Lee's outstanding debt. The outlook is stable. The rating reflects: The system's dominant market share as one of only two providers in Lee County, capturing about 68% of admissions, combined with solid volume growth during the last several years; Solid liquidity levels, with unrestricted cash and investments totaling more than $400 million, equal to about 306 days' operating expenses and 103% of long-term debt outstanding; and Improving financial performance during the last several years mainly due to revenue enhancements and cost containment, following two years of operating deficits. Offsetting credit factors
