S&P rates Health Management convertible BBB+

Standard & Poor's said it affirmed its ratings on Health Management Associates Inc. as the company continued to perform well and sustain its solid investment-grade financial profile. At the same time, S&P assigned its BBB+ rating to Health Management Associates' zero-coupon senior subordinated convertible notes due Jan. 28, 2022.

Old notes of the same amount and maturity were exchanged for these notes. The only notable change is the requirement for Health Management Associates to fund a put by the holders with cash whereas it could previously have funded the put with either cash or common stock. The first put date is Jan. 28, 2006.

The outlook is stable.

S&P said the solid, investment-grade ratings on the company reflect the company's demonstrated ability to establish and sustain strong positions in growing markets with limited competition, and its conservative financial profile and policy.

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