Standard&Poor's Ratings Services affirmed its 'A' long-term rating and underlying rating (SPUR) on Lee Memorial Health System Board of Directors, Fla.'s (Lee Memorial Health System [LMHS]) series 2005A, 2007A, and 2010 hospital revenue bonds. (The $42 million 2010 bonds are taxable and issued under the Build America Bonds [BAB] program). The outlook on all ratings is stable. The rating continues to reflect our view of: The dominant market share LMHS holds in Lee County, which was further solidified by its acquisition of two Hospital Corp. of America hospitals in 2006; The multiyear trend of favorable business volume, contributing to sustained positive operating performance and cash flow (although LMHS' operating margins have declined slightly over the past two years
