...S&P Global Ratings assigned its '###-' long-term rating to Ward County, N.D.'s $363 million series 2017C fixed-rate revenue bonds, issued for Trinity Health (Trinity). The outlook is stable. The bond proceeds, along with anticipated premium, will go toward the construction of a new six-story replacement hospital for Trinity's flagship campus in Minot. In addition to modernizing the hospital's dated facilities, the new project will consolidate Trinity's two existing downtown campuses, increase surgical capacity, and allow for significant operating efficiencies. Concurrent with the rating assignment, we are withdrawing our '###-' rating on Trinity's 2006 bonds, which were refunded in August 2017. As part of the rating assignment, we assessed Trinity Health's enterprise profile as adequate characterized by a dominant market share--albeit in a smaller, more rural primary service area--supported by solid medical staff integration through employment. We also assessed the hospital's financial...
