Summary: Ward County, North Dakota Trinity Health; System

Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Ward County, N.D.'s series 1996B and 2006 revenue bonds, issued for Trinity Health. We assessed Trinity Health's enterprise profile as adequate characterized by a dominant market share in a smaller, more rural primary service area, and its financial profile as adequate with improved reserves -- bolstered by a legal settlement in 2014 -- and improving financial performance thus far in fiscal 2015. Also contributing to the financial profile assessment is an anticipated sizable debt issuance within the next year to fund a replacement hospital. We think these combined credit factors lead to an indicative assessment of 'bbb-'. In our view, the 'BBB-' rating on the hospital's bonds reflects the

...Standard & Poor's Ratings Services affirmed its '###-' long-term rating on Ward County, N.D.'s series 1996B and 2006 revenue bonds, issued for Trinity Health. We assessed Trinity Health's enterprise profile as adequate characterized by a dominant market share in a smaller, more rural primary service area, and its financial profile as adequate with improved reserves -- bolstered by a legal settlement in 2014 -- and improving financial performance thus far in fiscal 2015. Also contributing to the financial profile assessment is an anticipated sizable debt issuance within the next year to fund a replacement hospital. We think these combined credit factors lead to an indicative assessment of '###-'. In our view, the '###-' rating on the hospital's bonds reflects the hospital's improving earnings trend and generally improved balance sheet but acknowledges the anticipated pressures that a sizable debt issuance would place on the organization. The outlook remains negative -- despite the improved...

Summary