Standard&Poor's Ratings Services affirmed the 'AA-' rating on Salem Hospital Facility Authority, Ore.'s revenue bonds, issued for Salem Hospital, reflecting: Continued, strong historical financial performance; Dominant business position with a market share of 59% based on discharges; and Solid balance sheet with low leverage and sufficient cash reserves. Offsetting factors include decreased liquidity, with unrestricted cash declining in the past four years due to aggressive capital spending, and an older main facility that will most likely be replaced within the next five to seven years. Salem's financial performance has historically been solid with profit margins hovering near 5% over the past five years. Net operating income increased to $9.5 million in 2002 from $6.7 million in 2001. Based
