Standard&Poor's Ratings Services affirmed its 'A' long-term rating and underlying rating (SPUR) on St. Charles Parish Hospital Service District No. 1, La.'s general obligation (GO) debt. The outlook is stable. The ratings reflect our view of: The established deposit trust agreement (DTA), whereby collections from the unlimited ad valorem property tax securing the bonds will flow directly from the tax collector to a trustee for the exclusive benefit of bondholders; and The district's healthy assessed value (AV) growth, albeit driven by its concentrated tax base. Standard&Poor's received a legal opinion that the dedicated ad valorem property tax collections deposited into the DTA trust would not constitute property of the district in the event the district files
