Summary: Franklin County, Ohio Trinity Health Credit Group; System

Standard&Poor's Ratings Services assigned its 'AA-/A-1+' dual rating on Franklin County, Ohio's $87.245 million series 2013OH revenue bonds and on the Idaho Health Facilities Authority's $45.735 million series 2013ID revenue bonds. All bonds were issued for Trinity Health Credit Group (Trinity Health). The outlook is stable. The rating reflects our view of the new term rate mode with quarterly resets of the converted bonds. Both series of bonds will be converting to term rate mode with quarterly resets from their current windows mode, on Aug. 6, 2015. The current rating assignment reflects receipt of interim 2015 results for the nine-month period ended March 31, 2015. These results are consistent with the three-month interim results we reviewed at the

...The stable outlook reflects our opinion that Trinity will continue to meet operating income projections, which in turn should continue to generate good maximum annual debt service coverage for the two-year outlook period. In addition, we anticipate that Trinity will maintain a solid balance sheet with approximately 200 days' cash on hand and leverage of less than 40%. Given that Trinity Health is a sizable organization that continues to develop its markets with strategic mergers and acquisitions, the stable outlook also reflects our anticipation that any future additions to the larger Trinity Health system will have no dilutive impact on credit fundamentals....

Summary