The 'A' standard long-term rating and Standard&Poor's underlying rating (SPUR) on Maryland Health and Higher Education Facilities Authority's bonds, issued for University of Maryland Medical System (UMMS), have been affirmed and reflect: UMMS' role as one of Maryland's ('AAA' GO rating) leading and rapidly growing health systems, coupled with its strong relationship through its physician faculty to the University of Maryland System's medical school; Favorable track record of positive financial performance and cash flow generation in a state with extensive rate regulation, leading to good coverage of pro forma maximum annual debt service (MADS); Good operational liquidity, with 107 days' cash on hand in fiscal 2007 (unaudited 11 months), although cash to debt is more limited at 51%,
