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SOUTHERN OCEAN COUNTY (NJ) 1993 SERIES A BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 26 /PRNewswire/ -- The New Jersey Health Care Facilities Financing Authority's $26.1 million Series A revenue bonds, issued for Southern Ocean County Hospital, are rated "BBB" by Fitch. The credit trend is stable. Bond proceeds, along with a $3.8 million equity contribution, primarily will be used to fund a $21.7 million construction and renovation project at the hospital and to refinance about $3.7 million in existing debt. The issue is expected to be priced through negotiation by PaineWebber during the week of May 10.
 The rating is supported by Southern Ocean County Hospital's (SOCH) solid market position in a growing service area, demonstrated turnaround in financial operations, improved liquidity and strong utilization levels. Historical pro forma maximum annual debt service coverage was 1.7 times in 1992. Medicare represents a high 66 percent of revenues, which limits operating flexibility and is a concern. In addition, the debt load will be relatively high after issuance, with pro forma debt- to-capitalization of 64.6 percent.
 -0- 4/26/93
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/


CO: Southern Ocean County Hospital ST: New Jersey IN: SU: RTG

GK -- NY119 -- 0954 04/26/93 16:32 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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