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MOODY'S COMPLETES REVIEW OF HOSPITAL RATINGS IN PENNSYLVANIA 1 UPGRADE, 8 DOWNGRADES

 MOODY'S COMPLETES REVIEW OF HOSPITAL RATINGS IN PENNSYLVANIA
 1 UPGRADE, 8 DOWNGRADES
 NEW YORK, March 17 /PRNewswire/ -- Effective this date, Moody's Investors Service announced the completion of its review of hospital revenue bonds in Pennsylvania. The review of 43 separate hospital bond ratings resulted in one upgrade, eight downgrades and 34 confirmations. One hospital, Monongahela Valley Hospital, remains under review pending the sale of additional bonds.
 This comprehensive review resulted in a rating distribution lower than the national distribution. For example, while 36 percent of national hospital ratings are below 'A', in Pennsylvania 58 percent of the hospitals are rated below 'A'. This less than favorable distribution can be explained partially by the relatively small size of facilities rated in Pennsylvania, and the weakness of many of the local service area economies which have exhibited high unemployment rates and population losses. Despite the downgrades, many of the facilities were able to maintain adequate ratings because of below average debt loads and good cash positions relative to the debt loads.
 The one upgrade was for United Hospitals in Philadelphia from 'Ba' to 'Ba1'. Although this rating is still below investment grade, the upgrade reflects an improving situation revolving around the restructuring efforts by its new owner, the Allegheny Health and Education Research Foundation in Pittsburgh (Allegheny General Hospital).
 A special report, which will include a summary of the individual findings on each hospital as well as an overview of issues affecting hospitals in Pennsylvania, is expected to be published within the next few weeks.
 Hospital Upgrades:
 United Hospitals Inc.
 City: Philadelphia
 Issuer: Montgomery County Higher Education and Health Authority
 Debt($000): $125,135
 Rating: Ba1 (revised from Ba)
 Hospital Downgrades:
 Charles Cole Memorial Hospital
 City: Coudersport
 Issuer: Potter County Hospital District
 Debt: 4,505
 Rating: Baa (revised from A)
 Doctors Osteopathic Hospital (Now Metro Health Center)
 City: Erie
 Issuer: Erie County Hospital Authority
 Debt: 8,773
 Rating: Baa (revised from A)
 Evangelical Community Hospital
 City: Lewisburg
 Issuer: Union County Hospital Authority
 Debt: 1,450
 Rating: Baa1 (revised from A)
 Franklin Regional Medical Center
 City: Franklin
 Issuer: Franklin General Authority
 Debt: 10,305
 Rating: Baa (revised from Baa1)
 Greenville Regional Hospital
 City: Greenville
 Issuer: Greenville Hospital Authority
 Debt: 8,770
 Rating: Baa (revised from A)
 Indiana Hospital
 City: Indiana
 Issuer: Indiana County Hospital Authority
 Debt: 11,945
 Rating: Baa1 (revised from A)
 Metropolitan Hospital
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Facilities
 Authority
 Debt: 41,062
 Rating: C (revised from Caa)
 Suburban General Hospital
 City: Pittsburgh
 Issuer: Allegheny County Hospital Development Authority
 Debt: 1,200
 Rating: Baa1 (revised from A1)
 Confirmations:
 Albert Einstein Medical Center
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Facilities
 Authority
 Debt: 147,745
 Rating: A
 Allegheny General Hospital
 City: Pittsburgh
 Issuer: Pennsylvania Higher Education Facilities Authority
 Allegheny County Hospital Development Authority
 Debt: 121,817
 Rating: Aa
 Allegheny Valley School
 City: Coraopolis
 Issuer: Allegheny County Hospital Development Authority
 Debt: 8,870
 Rating: Baa
 Armstrong County Memorial Hospital
 City: Kittanning
 Issuer: Armstrong County Hospital Authority
 Debt: 15,450
 Rating: Baa1
 Beaver County Medical Center
 City: Beaver
 Issuer: Beaver County Hospital Authority
 Debt: 43,246
 Rating: A
 Bryn Mawr Hospital
 City: Philadelphia
 Issuer: Montgomery County Higher Education and Health Authority
 Debt: 46,125
 Rating: A
 Butler Memorial Hospital
 City: Butler
 Issuer: Butler County Hospital Authority
 Debt: 32,269
 Rating: Baa1
 Centre Community Hospital
 City: State College
 Issuer: Centre County Hospital Authority
 Debt: 7,410
 Rating: Baa1
 Children's Hospital of Philadelphia
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Facilities
 Authority
 Debt: 224,855
 Rating: Aa
 Citizen's General Hospital
 City: New Kensington
 Issuer: Westmoreland County Industrial Development Authority
 Debt: 28,620
 Rating: A
 Community General Osteopathic Hospital
 City: Harrisburg
 Issuer: Dauphin County Hospital Authority
 Debt: 16,685
 Rating: Baa1
 Conemaugh Valley Memorial Hospital
 City: Johnstown
 Issuer: Cambria County Hospital Development Authority
 Debt: 44,355
 Rating: Baa1
 Elwyn
 City: Media
 Issuer: Delaware County Authority
 Debt: 18,845
 Rating: Baa
 Graduate Health System
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Facilities
 Authority
 Debt: 183,210
 Rating: Baa1
 Hamot Medical Center
 City: Erie
 Issuer: Erie County Hospital Authority
 Debt: 23,520
 Rating: A
 HealthEast, Inc.
 City: Allentown
 Issuer: Leigh County General Purpose Authority
 Debt: 38,245
 Rating: A1
 Lewistown Hospital
 City: Lewistown
 Issuer: Miffin County Hospital Authority
 Debt: 9,835
 Rating: A
 Magee-Women's Hospital
 City: Pittsburgh
 Issuer: Allegheny County Hospital Development Authority
 Debt: 64,295
 Rating: A
 Medical College of Pennsylvania
 City: Philadelphia
 Issuer: Pennsylvania Higher Education Facilities Authority
 Debt: 77,321
 Rating: Baa1
 Mercy Hospital of Pittsburgh
 City: Pittsburgh
 Issuer: Allegheny County Hospital Development Authority
 Debt: 39,690
 Rating: A1
 Muhlenberg Medical Center
 City: Bethlehem
 Issuer: Lehigh County General Purpose Authority
 Debt: 15,200
 Rating: Baa1
 Nazareth Hospital
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Facilities
 Authority
 Debt: 31,740
 Rating: Ba1
 North Penn Hospital
 City: Lansdale
 Issuer: Hatfield Township Hospital Authority
 Debt: 7,975
 Rating: A
 Ohio Valley General Hospital
 City: McKees Rocks
 Issuer: Allegheny County Hospital Development Authority
 Debt: 14,550
 Rating: Baa
 Pennsylvania Hospital
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Facilities
 Authority
 Debt: 118,980
 Rating: A
 Sewickley Valley Hospital
 City: Sewickley
 Issuer: Sewickley Valley Hospital Authority
 Debt: 27,765
 Rating: A
 Somerset Community Hospital
 City: Somerset
 Issuer: Somerset County Hospital Authority
 Debt: 10,715
 Rating: Baa
 South Hills Health System
 City: Pittsburgh
 Issuer: Allegheny County Hospital Development Authority
 Debt: 26,920
 Rating: A
 Spencer Hospital (Now Meadville Medical Center)
 City: Meadville
 Issuer: Crawford County Hospital Authority
 Debt: 3,185
 Rating: Baa1
 Taylor Hospital
 City: Ridley Park
 Issuer: Ridley Park Hospital Authority
 Debt: 21,560
 Rating: Baa
 Thomas Jefferson University
 City: Philadelphia
 Issuer: Pennsylvania Higher Education Facilities Authority
 Debt: 228,449
 Rating: Aa
 Uniontown Hospital
 City: Uniontown
 Issuer: Fayette County Hospital Finance Authority
 Debt: 50,430(A)
 Rating: Baa
 Wilkes Barre General Hospital
 City: Wilkes Barre
 Issuer: Northeastern Pennsylvania Hospital Authority
 Debt: 31,615
 Rating: A1
 Wills Eye Hospital
 City: Philadelphia
 Issuer: Philadelphia Hospitals and Higher Education Authority
 Debt: 15,385
 Rating: A
 (A) Includes $25,262 Series 1987 crossover refunding bonds.
 -0- 3/17/92
 /CONTACT: Lisa Rogers, vice president, 212-553-0038, or John Goetz, vice president, 212-553-0930, both of Moody's Public Finance Department/ CO: ST: Pennsylvania IN: HEA SU: RTG


AH-OS -- NY022 -- 8770 03/17/92 11:48 EST
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