Standard&Poor's Ratings Services has affirmed its 'AA' long-term rating on its series M revenue bonds and its 'AAA/A-1+' long- and short-term ratings on the Massachusetts Development Finance Agency's series N-1 (2010), N-2 (2010), N-3 (2010), and N-4 (2010) revenue bonds, issued for Children's Hospital of Boston. Children's reported adequate financial operating results through fiscal 2010, although lighter than fiscal 2009 results, and its balance sheet remained, in our opinion, solid for the rating level. Children's reported reduced revenue in fiscal 2010, and expects similar results for fiscal 2011 as part of the hospital's overall strategy to work more efficiently within a lower cost structure and voluntarily receive lower payment rates in response to a growing sensitivity to market
