...+ S&P Global Ratings lowered its long-term rating to '##+' from '###-' on Ward County, N.D.'s series 2017C fixed-rate revenue bonds, issued for Trinity Health (Trinity). + The outlook is negative. + The downgrade reflects the expected near-term decline of unrestricted reserves due to a strategic equity contribution for Trinity's replacement hospital, leading to very thin days' cash on hand (DCOH) and cash to long-term debt. Projected softening in earnings and operating cash flow concurrent with the facility's launch also support the lower rating. + The negative outlook reflects our view of further downside pressure within the one-year outlook period given near-term risks associated with successfully operationalizing the replacement hospital. + Precluding a lower rating at this time is our expectation for solidly positive operating performance in fiscal 2023 leading up to the facility's launch, in addition to our appreciation of the project's strategic merits....
