Standard&Poor's Ratings Services revised its rating outlook on debt issued by and for the Mayo Clinic, Minn. At the same time, we assigned our 'AA' long-term rating to Mayo Clinic's $300 million series 2013 taxable bonds. Standard&Poor's also affirmed its 'AA' long-term ratings and its 'AA/A-1+' and 'AA/A-1' dual ratings on various issuers' debt issued for, or guaranteed by, Mayo Clinic. The 'A-1+' and 'A-1' short-term components of these ratings reflect the short-term ratings on the various standby bond purchase agreement providers, as well as our assessment of Mayo Clinic's self-liquidity. We revised the outlook to negative to reflect our opinion of Mayo Clinic's weaker operating performance, especially in the second half of 2012, and additional
