S&P rates Jewish Hospital, Ky., bonds A+, drops outlook to negative

Standard & Poor's said it revised its outlook to negative from stable on Louisville & Jefferson County Metro Government, Ky.'s debt issued for Jewish Hospital & St. Mary's HealthCare Inc. At the same time, S&P assigned its A+ standard long-term rating to the $330 million series 2008 bonds issued for the hospital.

The A+ long-term and underlying ratings on the hospital's previously issued debt were affirmed.

The negative outlook reflects the hospital's challenged operations over the past three years, with an operating margin of negative 1.32 for unaudited fiscal 2007 and a weak balance sheet.

The hospital will use the series 2008 bonds primarily to refund the series 2002 and 2004 bonds that are outstanding and to terminate swaps it has used in the past. The hospital will use the remainder of the proceeds to fund previous and new capital expenditures.

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