Standard&Poor's Ratings Services lowered its rating on Louisiana Public Facilities Authority's (Franciscan Missionaries of Our Lady Health System Project) variable-rate hospital revenue refunding bonds series 2005D to 'AA-/A-1+' from 'AAA/A-1+', based on a substitute letter of credit (LOC) provided by U.S. Bank N.A. (AA-/A-1+). At the same time, Standard&Poor's withdrew the underlying rating (SPUR) at the issuer's request, and going forward, the rating will be based solely on the LOC. The LOC will provide payments for regularly scheduled principal and interest payments, as well as for unremarketed tendered bonds, for 34 days at 12% per annum. The anticipated expiration date of the LOC is Feb. 16, 2016. The bonds are currently in the weekly rate mode,
