The rating on the Lee Memorial Health System Board of Directors, Fla.'s bonds, issued for the Lee Memorial Health System, reflects: The system's dominant market share—as the system is one of only two providers in Lee County, capturing 70% of admissions—combined with strong volume growth; Solid liquidity levels, with unrestricted cash and investments totaling $378 million, equal to 350 days' operating expenses and 105% of long-term debt outstanding; and Improved financial performance in fiscal 2001—mainly due to revenue enhancements and cost containment—following several years of operating deficits. Offsetting credit factors include a relatively high debt load—evidenced by long-term-debt-to-capitalization of 57% and maximum annual debt service (MADS) of nearly 7% of the total revenue—and adequate but limited coverage of MADS, at
