The long-term ratings on Rochester, Minn.'s series 2000 bonds reflect the creditworthiness of Mayo Foundation. The short-term ratings reflect SBPAs issued by The Chase Manhattan Bank for the series 2000A bonds, U.S. Bank N.A. for the series 2000B bonds, and Norwest Bank Minnesota, N.A. for the series 2000C bonds, to cover the purchase price of unremarketed tendered bonds. Mayo Foundation, doing business as Mayo Clinic, is one of the nation's largest and oldest medical group practices. Mayo's creditworthiness is based on the following strengths: Its distinguished brand and commanding position in the challenging health-care industry; A uniquely large, geographically diverse referral base and virtually no competition in its largest market—Rochester; Financial flexibility with a conservative capital structure and $1.6 billion
