Standard&Poor's Ratings Services assigned its 'A' rating to Greenwood County, S.C.'s hospital facilities revenue bonds, series 2004 A and 2004 B, and lowered its rating to 'A' from 'A+' on the existing bonds issued for Self Regional Healthcare (Self Regional). The lower rating is based on the hospital's weaker balance sheet, particularly the decline in liquidity in conjunction with a significantly expanded master facility plan. The reduced liquidity as reflected by 137 days' cash on hand and 52% cash to debt, post issuance, is the result of the use of cash for capital replacement projects and is partially offset by: Improved operating performance in the past two fiscal years, driven by price increases, new revenue initiatives, and patient
