The long-term rating assigned to North Carolina Medical Care Commission's variable-rate demand hospital revenue bond series 1988, issued on behalf of Fletcher Hospital, is based jointly on an LOC provided by Sun Trust Bank ('AA-/A-1+') and Adventist Health System Sunbelt ('A-'/negative outlook). Adventist is a secondary obligor, which backs up the obligations on these bonds behind Fletcher Hospital. The Adventist rating would have to drop to 'BBB-' or lower before it would affect the joint criteria rating (assuming the bank's rating were to stay the same). The short-term rating is based solely on the rating of the LOC provider. The LOC is scheduled to expire on Dec. 11, 2002.
