The rating on St. Charles Parish Hospital Service District No. 1, La.'s bonds reflects adequate financial performance, a concentrated economic base, and moderate debt. The bonds are secured by the unlimited ad valorem tax pledge of the hospital service district, which is coterminous with St. Charles Parish. Market valuation has exhibited steady growth, rising at an annual average of 10.3% from 1993-1997 to an estimated $6.1 billion due largely from expiring tax abatements. The 10 leading taxpayers account for a concentrated 72% of the $615 million assessed valuation (AV) base. Entergy Waterford Nuclear Power Plant is the largest taxpayer, at $220.6 million, or 36% of total AV, followed by petrochemical and natural gas companies, which together encompass more than 35%
