S&P rates Sisters of Mercy Health, Mo., AA-/A-1+

Standard & Poor's said it assigned its AA-/A-1+ ratings to Missouri Health and Educational Facilities Authority's $109.7 million of series 2008A, 2008B and 2008C revenue refunding bonds issued for Sisters of Mercy Health System Inc.

The agency said that the long-term component of the ratings reflects Mercy's long-term rating and the short-term ratings reflect liquidity support from Bank of America NA.

On April 29, S&P said it lowered its standard long-term ratings, underlying rating and issuer credit rating on Mercy's bonds, issued by various issuers, to AA- from AA due to low liquidity, an unexpected drop in operating income and continued high capital spending that will make it difficult for Mercy to recover liquidity quickly to levels commensurate with the rating.

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