Standard&Poor's Ratings Services has affirmed its 'AA' long-term rating on Massachusetts Development Finance Agency's series M revenue bonds, its 'AAA/A-1+' ratings on the series N-1 (2010), N-2 (2010), and the 'AAA'/A-1' ratings on series N-3 (2010) and N-4 (2010) revenue bonds, all issued for Children?s Hospital of Boston. The outlook is stable. Children's reported adequate financial operating results through fiscal 2011, although lighter than fiscal 2010, and its balance sheet remained, in our opinion, solid for the rating level. Children's has reported reduced net patient revenue in recent years and expects similar results for fiscal 2012, as part of an overall strategy to work more efficiently within a lower cost structure and voluntarily receive lower payment rates in
