Standard&Poor's Ratings Services revised its outlook to negative from stable on Lee Memorial Health System Board of Directors, Fla.'s bonds (LMHS), issued for Lee Memorial Health System. At the same time, Standard&Poor's affirmed its 'A' long-term rating, 'A/A-1' dual rating, and 'A' underlying rating (SPUR) on LMHS's bonds. The outlook revision reflects our view of LMHS's weaker fiscal 2008 financial results and cash flow than projected and budgeted at the time of financing. In addition, we believe there is evidence of a weakening local and regional economy and management reports declining business volumes. The variance to budget and projected levels is, in our view, putting pressure on some of LMHS's financial metrics, as the increase in
