Standard&Poor's Ratings Services affirmed its 'A-' long-term rating on South Dakota Health and Educational Facilities Authority's series 1994 and 2005 bonds, issued for Huron Regional Medical Center Inc. (Huron). The outlook is stable. Although it is unusual to have a critical-access hospital's bonds rated in the 'A' category largely due to the risks associated with their small size and rural location, our view of Huron's consistently solid debt service coverage, very strong balance sheet, and good market share support the 'A-' rating. More specifically, credit strengths supporting the rating are our opinion of Huron's: Exceptionally strong liquidity at April 30, 2012 (unaudited), with 612 days' cash on hand and cash to debt of nearly 9.7x; Consistently strong maximum
