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S&P rates Mayo Clinic, Minn., debt AA/A-1+
Standard & Poor's said it assigned an AA/A-1+ rating to Rochester, Minn.'s $330 million of series 2008A-E health care facilities revenue bonds and Wisconsin Health and Educational Facilities Authority's $90 million of series 2008 bonds, both issued for Mayo Clinic, Minn., formerly known as Mayo Foundation and Luther Hospital, Wis., respectively.
The Wisconsin issue is guaranteed by Mayo Clinic.
In addition, S&P said it revised the rating to AA/A-1+ from AA as a result of the conversion of Rochester's $200 million of series 2002A-C bonds from auction-rate mode to variable-rate demand obligation mode.
At the same time, S&P said it affirmed the AA rating and, where applicable, A-1+ short-term ratings on $1.31 billion of bonds issued by various issuers on behalf of Mayo Clinic.
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