Standard&Poor's Ratings Services withdrew its short-term ratings on Louisiana Public Facilities Authority's series 1998B and 2005C bonds issued for Franciscan Missionaries Of Our Lady Health System Inc. (FMOLHS). The bonds were originally issued as variable-rate demand obligations that were supported by direct-pay letters of credit (LOCs) provided by Regions Bank (A-/Negative/A-2), and Allied Irish Banks (A/Watch Neg/A-1). Ratings on Allied Irish Banks and Regions Bank were lowered on May 1 and June 17, respectively. The bank downgrades precipitated the July 23 conversion of the series 1998B and 2005C variable-rate bonds to fixed-rate obligations. Standard&Poor's based the previous ratings on these bonds on the low-correlation joint support of FMOLHS and the LOC provider banks. Standard&Poor's
