Standard&Poor's Ratings Services assigned its 'AA-' rating to Salem Hospital Facility Authority, Ore.'s $125 million health revenue bonds, series 2004A and 2004B, issued for Salem Hospital. In addition, the rating on the authority's outstanding debt was affirmed. The rating assignment and affirmation reflect: Excellent business position with a dominant and growing 75% market share in its primary market, although it had a less than 77% market share in 2001; Continued strong operating performance, with good financial results (6.7% operating margin) through the first 11 months of fiscal 2004; Solid pro forma balance sheet with moderate leverage and strong liquidity; and A newly hired management team that is very forward-looking and strategic, coupled with a re-energized board. Offsetting factors
