The 'BBB+' rating on St. Charles Parish Hospital Service District No. 1, La.'s GO refunding bonds series 2003A and 2003B reflects: The weak financial position of the district, and A highly concentrated economy and tax base. These weaknesses are offset by parish's sizable tax base, and the district's low debt burden compared to market value. The bonds are secured by an unlimited ad valorem tax pledge of the hospital service district, which is coterminous with St. Charles Parish. The district, which is a taxing district and a component of St. Charles Parish, operates the St. Charles Parish Hospital and a community health facility. The hospital currently contains 56 beds, although it plans to expand to 60 beds with the proceeds
