The 'AA' long-term ratings on Mayo Foundation's ("Mayo") health care facilities revenue bonds series 2001A, 2001B, 2001C, and 2001D reflect this health system's world-renowned reputation, robust patient volumes and patient care revenue, and strong financial position. The Mayo Foundation's long-term rating, however, was lowered to 'AA' from 'AA+' on Sept. 5, 2001, reflecting a decline in Mayo's financial performance through the fiscal year ending Dec. 31, 2000, a reduction in days' cash on hand, and a slightly more aggressive capital structure that presents increased credit risk in the face of heavy capital spending. Mayo's 'AA' rating reflects Mayo's unique attributes as the nation's largest multi-specialty group practice. In addition, Mayo owns and operates health facilities in Arizona, Florida, and Minnesota,
