Standard&Poor's Ratings Services affirmed its 'AA-' long-term and underlying rating (SPUR) on Salem Hospital Facility Authority, Ore.'s $165.5 million health revenue bonds, issued for Salem Hospital. The facility continues to benefit from a strong market position and a good management team, which together have contributed to sound operating performance, growing cash flow, and a strengthening of the balance sheet. Although the organization is in the midst of a sizeable construction plan, and additional debt is planned in 2007, Standard&Poor's expects solid financial results to continue, which will allow Salem Hospital to absorb the additional debt. More specifically, the rating reflects: Continued strong operating performance, with a 5.6% operating margin in unaudited fiscal 2005; Sound cash flow
