Standard&Poor's Ratings Services placed its 'A+' underlying rating (SPUR) on Lee Memorial Health System, Fla.'s hospital revenue bonds, issued by Lee Memorial Health System Board of Directors, on CreditWatch with negative implications, reflecting a potential sizeable debt issuance to finance the Aug. 31, 2006, board-approved acquisitions of Southwest Florida Regional Medical Center and Gulf Coast Hospital from HCA Inc. The $250 million purchase price, including $235 million to purchase the assets and $15 million in working capital, will likely be financed in the short term with a bridge loan, with the expectation of long-term tax exempt financing to follow. Lee Memorial will also assume the rights to proceed with the construction of the new hospital facility adjacent to
