Standard & Poor's Ratings Services has lowered its long-term rating to A-minus from A on New Hampshire Health & Educational Facilities Authority's $12.1 million series 1998 revenue bonds, issued for Cheshire Medical Center.

"This analysis reflects our view of CMC as part of the larger parent organization, The Cheshire Health Foundation," said Standard & Poor's credit analyst Jennifer Soule. "The lower rating reflects our view of the foundation's continued operating losses in fiscal 2011 and into fiscal 2012, ongoing decline in inpatient admissions, and the significant underfunding of its defined benefit pension obligation," said Soule.

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