...S&P Global Ratings' long-term rating on Ward County, N.D.'s series 2017C fixed-rate revenue bonds, issued for Trinity Health (Trinity), is '###-'. The outlook is stable. Trinity Health continues to make progress on construction of a new six-story replacement hospital for its flagship campus in Minot following several significant set-backs resulting in the transition to a new contractor and a projected completion delay of over one year to early 2022. We understand that Trinity Health is working closely with the new contractor to review the state of construction, transition the project work, and develop an updated budget and project schedule. Operations are tracking well to budget through the first five months of fiscal 2020 as leadership navigates the construction challenges. While construction uncertainty and risks exist, we believe management can adequately mitigate these risks while remaining focused on keeping operations on track and building cash reserves. When complete, the project...
