Standard&Poor's Ratings Services assigned its 'BBB+' underlying rating (SPUR) to $26.8 million of Missouri Health and Educational Facilities Authority's series 2003 bonds, issued for Lake of the Ozarks General Hospital (doing business as Lake Regional Health System). In addition, it affirmed its rating on the hospital's outstanding bonds. The outlook is stable. The rating reflects: A solid market position with little direct competition, Satisfactory profitability, Adequate liquidity, and A growing economic base. Offsetting credit factors include high leverage and nonobligated losses associated with employing physicians, and a limited economic base. The bonds are secured by a gross revenue pledge of the hospital. Standard&Poor's expects the hospital to conform to the requirements of Article 9 of the
