...The state's 'AAA' Issuer Default Rating (IDR) is supported by consistently well-managed fiscal operations, including strong reserve balances and a history of maintaining budgetary structural balance. The long-term liability burden is low for a state. The rating on vocational education program revenue bonds of the South Dakota Health and Educational Facilities Authority (SDHEFA) is one notch below the state's IDR, reflecting the slightly higher optionality risk associated with the state's annual appropriation requirement....