Standard&Poor's Ratings Services has affirmed its 'BBB' long-term rating on Northern Hospital District of Surry County, N.C.'s series 2008, 2001, and 1999 revenue bonds. The rating outlook remains stable. A revenue pledge secures the bonds and the hospital has no swaps outstanding. The rating reflects our assessment of the hospital's: Several years of solid operating performance, generating sound coverage though performance has been softer in recent years; Solid balance sheet characterized by 189 days' cash on hand as of March 31, 2011; and Stable and focused management team. In our opinion, partially offsetting rating factors include: Three years of volume softness that has continued through the six-month-interim period ended March 31, 2011, which is largely a result of
