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CAROLINA MEDICORP (N.C.) REVENUE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 CAROLINA MEDICORP (N.C.) REVENUE BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 9 /PRNewswire/ -- Carolina Medicorp's proposed $54.6 million Series 1992A and 1992B bonds, issued by the North Carolina Medical Care Commission, are rated 'AA' by Fitch. Carolina Medicorp's outstanding series 1991 bonds are affirmed at 'AA.' The credit trend is stable. The proceeds of the series 1992 bonds will be used to advance refund Carolina Medicorp's series 1987 bonds.
 Carolina Medicorp, Inc. (CMI) is the parent corporation that owns Forsyth Memorial Hospital, an 854-bed tertiary care community hospital, and Medical Park Hospital, a 136-bed hospital providing elective surgery. Both facilities are located in Winston-Salem, N.C. These three entities comprise the obligated group under the master trust indenture, and accounted for over 90 percent of the combined total revenues of Carolina Medicorp and its affiliates for fiscal 1991.
 CMI continues to perform exceptionally well. Demand for services remains strong, maintaining CMI's dominant market position in its service area. CMI's strategic plan of seeking relationships with rural health care providers expands its referral base and ensures the provision of appropriate health care services to outlying communities. Management has capitalized on the organization's numerous strengths by generating operating margins in excess of 10 percent over the last two years and accumulating substantial cash reserves. Unrestricted cash and investments of the obligated group exceed long-term debt. The debt load is manageable, and the debt-to-capitalization ratio is a moderate 40 percent. Historical pro forma maximum annual debt service (MADS) coverage was a very strong 4.2 times in 1991.
 -0- 7/9/92
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/ CO: Carolina Medicorp Inc. ST: North Carolina IN: HEA SU: RTG


CK -- NY046 -- 7840 07/09/92 12:25 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:291
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