Standard&Poor's Ratings Services affirmed its 'BBB+' rating on the Missouri Health and Educational Facilities Authority's $3.8 million series 1996 bonds and $25.7 million series 2003 bonds, issued for Lake Regional Health System (LRHS), formerly known as Lake of the Ozarks General Hospital. Additionally, Standard&Poor's affirmed its 'BBB+' underlying rating (SPUR) on the authority's $29.8 million series 1998 bonds, also issued for LRHS. The rating reflects: Good and consistent operating income; An improving balance sheet; A solid market position, with little direct competition; and Improving volumes. Offsetting credit factors include: Nonobligated losses associated with employed physicians; High debt leverage for the rating level; and A relatively limited, tourism-based service area economy. The bonds are secured by a
