S&P rates Mississippi Health bonds A-1+

Standard & Poor's said it assigned its A-1+ short-term rating to Mississippi Hospital Equipment and Facilities Authority, Miss.' $79.75 million 2003 series 1 and 2003 series 2 bonds issued for North Mississippi Health Services to reflect a mode change to variable-rate demand obligations.

The bonds were previously issued as auction-rate bonds and are being converted to weekly mode supported by North Mississippi Health's own self-liquidity. As a result, these bonds will now carry a dual rating of AA/A-1+.

S&P said it also affirmed its AA and AA/A-1+ ratings on about $149 million in long-term bonds issued for North Mississippi Health. The A-1+ rating on the 1997 series 1 and 2001 series 1 bonds reflect a liquidity facility in the form of a standby purchase agreement from Citibank.

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