The rating on Rochester, Minn.'s debt, issued for the Mayo Foundation, reflects the medical institution's: * Distinguished brand and commanding position in the health care industry; * Favorable business trends that fuel the system's uniquely large and geographically diverse referral base; and * Very strong financial profile buoyed by effective financial policies, investment strategies, and access to capital. Substantial financial flexibility is derived from very strong cash flow, revenue growth, and the ability to flex research and other variable costs. Due in part to management's excellent investment performance, the Mayo Foundation has over $1.4 billion in total liquid assets. This is an impressive accomplishment given the system's significant capital and business reinvestment costs. Furthermore, the foundation has raised over $400
