...S&P Global Ratings' long-term rating on the Missouri Health and Educational Facilities Authority's series 2012 and 2010 fixed-rate revenue bonds, issued for Lake Regional Health System (LRHS or Lake Regional; f/k/a Lake of the Ozarks General Hospital) is '###+'. The outlook is stable. The rating reflects the hospital's adequate enterprise profile, highlighted by a leading market share in a limited primary service area (PSA) with a population of fewer than 100,000. The rating also reflects the hospital's strong financial profile, highlighted by a healthy balance sheet with robust liquidity and low leverage, in our view, that continues to provide some cushion to the '###+' rating. We expect that LRHS will gradually improve its financial performance but that operating margins will remain compressed following the completion of an information platform conversion at its hospital clinics and continued, though moderating, losses by the physician practice. After fiscal 2019 operating performance...
