S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB+' on Ward County, N.D.'s series 2017C fixed-rate revenue bonds, issued for Trinity Health (Trinity). The outlook is negative. The lowered rating and negative outlook reflect Trinity's weaker than anticipated fiscal 2023 financial performance and considerably higher than expected operating losses for the interim period in fiscal 2024. The 2017C bonds are secured by gross revenue of the obligated group and a mortgage on certain hospital property. The rating reflects our view of Trinity's vulnerable financial profile, which is characterized by very elevated debt measures, weakened unrestricted reserves, and persistent near-term pressure on operating earnings and cash flow. Trinity experienced softer-than-anticipated financial performance in fiscal 2023 that led to a technical
