Standard&Poor's Ratings Services affirmed its 'A' long-term and underlying ratings (SPUR) on Lee Memorial Health System Board of Directors (LMHS), Fla.'s bonds, issued for Lee Memorial Health System. At the same time, Standard&Poor's affirmed its 'A-1' short term rating on LMHS' bonds. LMHS generated positive results in fiscal 2007 (unaudited), although operating surpluses and cash flow were below budgeted and projected levels. However, despite the variance, LMHS still generated good cash flow to support the increase in carrying charges from the series 2007 debt issuance. LMHS' rating was downgraded in 2006 to 'A' from 'A+', reflecting the short-term pressure to generate adequate cash flow to address its increased debt burden and higher capital costs, coupled with
