Standard&Poor's Ratings Services raised its rating on Louisiana Public Facilities Authority's (Franciscan Missionaries of Our Lady Health System Project) variable-rate hospital revenue refunding bonds series 2005D to 'AAA/A-1+' from AA/Watch Neg based on the delivery of a direct-pay, irrevocable letter of credit (LOC), the conversion of the bonds to a daily rate mode from an auction rate mode, and the subsequent application of Standard&Poor's low correlation joint criteria factoring in the 'A+' Standard&Poor's underlying rating (SPUR) for the health system and the financial strength rating of the LOC provider, JPMorgan Chase Bank N.A. (AA/A-1+). For the complete rationale on the 'A+' Standard&Poor's underlying rating (SPUR), see "Franciscan Missionaries of Our Lady Health
