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NORTH BROWARD HOSPITAL DISTRICT SERIES 1992 BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

NORTH BROWARD HOSPITAL DISTRICT SERIES 1992 BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 11 /PRNewswire/ -- North Broward Hospital District's proposed $135 million series 1992 revenue bonds are rated "A+" by Fitch. The


credit trend is stable. Bond proceeds will be used primarily to refund certain outstanding debt, with $10 million tagged for capital purchases. The refunding of $88.3 million outstanding series 1984 bonds is dependent upon market conditions. If the 1984 issue is not refunded, the new issue size will be reduced to about $45 million.
 The rating is supported by the district's market dominance in Broward County, Florida, and strong management team. The balance sheet is strong with a healthy cash position and moderate debt load. Financial operating performance has improved over the last couple of years, from breakeven in 1989 to a 3.9 percent bottom line margin in 1991. Historic pro forma maximum annual debt service coverage was close to three times in 1991.
 The district consists of four acute care hospitals that serve the northern two-thirds of the county. The district has taxing ability, and over the last two years has levied taxes at its 2.5 mill limit. Tax receipts primarily are used to fund the hospital's high indigent care patient load. In 1991, indigent care represented 12.4 percent of gross revenues. One of the district's biggest challenges will be its ability to balance the indigent care load against limited tax dollars.
 Overall inpatient admissions have fallen slightly over the last few years, while outpatient and emergency visits have experienced strong growth. The four hospitals are located in a growing county with strong wealth indicators. The service area is very attractive to physicians and the medical staffs of all four hospitals are well represented.
 -0- 2/11/92
 /CONTACT: Michele Cebron, 212-908-0591, or Fred Martucci, 212-908-0554, both of Fitch/ CO: North Broward Hospital District ST: Florida IN: HEA SU: RTG


TS -- NY031 -- 8735 02/11/92 10:56 EST
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Date:Feb 11, 1992
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