Standard&Poor's Ratings Services affirmed its 'A+' long-term rating and underlying rating (SPUR), where applicable, on bonds issued for Franciscan Missionaries of Our Lady Health System (FMOLHS). Standard&Poor's also affirmed its 'AAA/A-1' dual rating on FMOLHS' series 2008A and 2005B bonds. The dual rating is based on our view of low-correlation joint support provided by irrevocable direct-pay letters of credit (LOCs) from JPMorgan Chase Bank N.A. (A+/A-1). The outlook, where applicable, is stable. The 'A+' rating reflects our view of FMOHLS' solid business position as one of the state's largest not-for-profit health care systems, a position that we believe will further improve as a result of its recent facility investments and physician alignment efforts. Although operations have
