The short-term ratings on Rochester, Minn.'s bonds, issued for the Mayo Foundation, reflect standby bond-purchase agreements in effect from various financial institutions, except for Rochester's $90 million, series 1992 bonds and Jacksonville, Fla.'s $70 million, series 2001 bonds, which are backed by Mayo's own liquidity. The series-2002-bond proceeds will refinance outstanding debt. The long-term rating reflects Mayo's unique stature as the nation's largest multi-specialty group practice, which, when combined with its owned and controlled health facilities, constitutes one of the largest health providers in the world. Mayo has an international reputation for excellence in patient care, research, and the education of physicians and other health professionals. In addition, Mayo enjoys extraordinary demand for its services and has a sound financial
