The rating on South Dakota Health and Education Facilities Authority $10.241 million revenue bonds, issued for Huron Regional Medical Center (HRMC), reflects the hospital's: Narrow revenue base, Small medical staff, and Shallow economic base. Offsetting credit factors include the hospital's: Dominant market position, Strong historic financial performance, and Strong and improving liquidity position. The bonds are secured by a gross revenue pledge and a mortgage on the facilities. Since 1998, HRMC's operating and excess margins have averaged 6.5% and 11.6%, respectively. Operating and excess margins for 2000 were 6.0% and 11.7%, respectively. The financial performance for the six months ending Dec. 31, 2000 show a slight decline, and management expects the financial performance for fiscal 2001 to be less than
