Standard&Poor's Ratings Services affirmed its 'AA/A-1+' rating on Lee Memorial Health System, Fla.'s revenue refunding bonds series 2009C, issued on behalf of the Lee Memorial Hospital Project, based on a pending substitute letter of credit (LOC) provided by JPMorgan Chase (AA-/A-1+). Currently, the rating is based on a LOC provided by The Northern Trust Co. (AA/A-1+). The substitute LOC, which initially expires 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 substitute LOC will terminate upon conversion to any mode other than the daily or weekly rate modes.
