Standard&Poor's Ratings Services lowered its rating on Lee Memorial Health System, Fla.'s revenue refunding bonds series 2009C, issued on behalf of the Lee Memorial Hospital Project, to 'AA-/A-1+' from 'AA/A-1+', based on a substitute letter of credit (LOC) provided by JPMorgan Chase (AA-/A-1+). The substitute LOC, which will initially expire on June 1, 2016, unless terminated earlier pursuant to their terms, covers the purchase price of tendered, but unremarketed, bonds, as well as principal of and up to 35 days' interest calculated at the maximum rate of 12%. The LOC will terminate upon conversion to any mode other than the daily or weekly rate modes. The bonds are subject to mandatory tender on the date of conversion to
