S&P lowers Jordan Hospital bonds to BB-

Standard & Poor's said it lowered its rating to BB- from BB+ on $84.6 million series 1992B, 1998 and 2003E bonds issued by the Massachusetts Health and Educational Facilities Authority for Jordan Hospital.

Additionally, S&P revised its outlook to negative from stable.

S&P said the downgrade reflects current concerns about Jordan Hospital's ability to support its recently completed major renovation and expansion project in light of a significant downturn in volume and flattening revenue. Recent financial results have not met expectations and are below budget year to date. In addition, Jordan's light liquidity cannot provide much cushion to the organization as it works through its current problems.

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