S&P drops Memorial Health System outlook to negative

Standard & Poor's said it revised its outlook to negative from stable and affirmed its BBB+ rating on Lufkin Health Facilities Development Corp., Texas' $42.371 million series 2007 bonds, issued for Memorial Health System of East Texas.

The BBB+ rating on the corporation's $60.78 million series 2005 and 2005A bonds, issued for Memorial, was also affirmed.

The outlook revision is based on Memorial's weaker financial performance in fiscal 2007 with an operating loss and slightly above break-even excess income, as well as continued losses expected in fiscal 2008.

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