S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB-' long-term rating on Ward County, N.D.'s series 2006 revenue bonds issued for Trinity Health. We assessed Trinity Health's enterprise profile as adequate characterized by a dominant market share, albeit 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 a stabilization of operating performance since fiscal 2015 and fiscal 2016 (audited results through June 30, 2016). 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
