Standard&Poor's Ratings Services affirmed its 'BBB+' long-term rating on Ward County, N.D.'s $85.2 million series 2006 and $10.3 million series 1996B revenue bonds, issued for the Trinity Obligated Group (Trinity Health System). The outlook is stable. The rating is based heavily upon a strong return to profitability for the 11-month interim period ended May 31, 2008, and Trinity's status as a sole community provider. The interim period shows net operating income of $3.9 million (1.6% operating margin), an improvement over fiscal 2007's decline in operations to $299,000 (0.1% operating margin). Trinity's balance sheet metrics have fallen over the past three years, with cash dropping due to significant expenditures on an electronic medical record (EMR) information technology (IT) system.
