The 'BBB+' underlying rating (SPUR) on Missouri Health and Educational Facilities Authority's bonds, issued for Lake of the Ozarks General Hospital (dba Lake Regional Health System), is affirmed and reflects: A solid market position with little direct competition, Satisfactory profitability, Adequate liquidity, and Growing economic base. Offsetting credit factors include a moderately high leverage and nonobligated losses associated with employing physicians and investment in an HMO (operations being discontinued). The bonds are secured by a gross revenue pledge by the hospital. Lake Regional Health System currently operates 104 staffed beds in the Lake of the Ozarks resort area in central Missouri. The hospital's primary service area is enhanced by thousands of visitors and second homeowners. Admissions increased by about 13%
