Standard&Poor's Ratings Services assigned its 'BBB+' rating to St. Charles Parish Hospital Service District No. 1, La.'s GO bonds, series 2005, and affirmed its 'BBB+' rating on the district's outstanding debt. The 'BBB+' rating reflects: The weak financial position of the district, and A highly concentrated economy and tax base. These weaknesses are offset by the parish's sizable tax base and the district's low debt burden compared to market value. The series 2005 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 unit of St. Charles Parish ('A'/Stable GO rating), operates the St. Charles Parish
