Standard&Poor's Ratings Services assigned its 'BBB+' standard long-term rating to Ward County, N.D.'s $89.2 million series 2006 revenue bonds, issued for the Trinity Obligated Group (Trinity Health System). The 'BBB+' rating on Trinity's 1996 bonds was affirmed. The new rating and affirmation reflect Trinity Health's dominant market position and continued profitable operating results. Although the level of operating profitability decreased in fiscal 2006, it still allowed for adequate pro forma maximum annual debt service (MADS) coverage, and Trinity has a consistent track record of profitable operations. Trinity Health's balance sheet has also experienced improvement over the past several years, highlighted by a steady decrease in debt to capitalization following the 2002 debt issuance, although debt leverage remains high
