Standard&Poor's Ratings Services revised its rating on Louisiana Public Facilities Authority's (Franciscan Missionaries of Our Lady Health System Project) variable-rate hospital revenue refunding bonds series 1998B to 'AAA/A-1' from 'AA' based on a direct-pay, irrevocable letter of credit (LOC) delivery and the subsequent Standard&Poor's joint application assuming low correlation between the Standard&Poor's 'A+' underlying rating (SPUR) on Franciscan Missionaries of Our Lady Health System and the financial strength rating on Region's Bank (A+/A-1), the LOC provider. The bonds will be converted from an auction rate to a daily-rate mode. Please see "Franciscan Missionaries Of Our Lady Health System Inc.," RatingsDirect, May 8, 2008, for further information on the SPUR. The health system decided to
