Standard&Poor's Ratings Services affirmed its 'AA' long-term rating and its 'AA' underlying rating (SPUR) on the outstanding health facility revenue bonds issued by a variety of issuers on behalf of Ascension Health. The 'A-1+' short-term rating on Ascension Health's various variable-rate demand bonds (VRDBs) was also affirmed. The 'A-1+' rating reflects Ascension Health's ample liquidity combined with the quality of its short-term, short-duration assets, which are sufficient to meet potential puts. The long-term rating reflects: The maintenance of a solid operating profile, highlighted by continued improvement in operating income for the fourth year in a row combined with sharply improved cash flow for fiscal 2003 and the three quarters of fiscal 2004 as operational improvements have been augmented
