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WILLIAM W. BACKUS HOSP. (CONN.) SERIES C BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 WILLIAM W. BACKUS HOSP. (CONN.) SERIES C BONDS RATED 'A-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 28 /PRNewswire/ -- The Connecticut Health and Educational Facilities Authority's $14.8 million revenue bonds, The William W. Backus Hospital Issue, series C are rated "A-". The credit trend is stable. Bond proceeds will be used to refund the hospital's $2.6 million of outstanding debt and fund a construction project. The bonds will be secured by a gross revenue pledge of the obligated group, which consists of The William W. Backus Hospital and the Backus Foundation. The bonds are expected to be sold through negotiation in September by Merrill Lynch & Co.
 The obligated group's historical pro forma maximum annual debt service coverage ratio was a sound 2.0 times in 1991. The regulatory environment in Connecticut has constrained hospital operating performance and is a weakness. However, cash flow from operations has remained both stable and strong. Balance sheet strengths include a favorable liquidity position and moderate debt load. The obligated group has unrestricted funds of $26.3 million relative to pro forma debt of $14.8 million.
 Backus hospital is located in Norwich, Conn., and operates 203 beds. The hospital has a sound competitive position with the nearest acute care hospital 15 miles to the north or south. In addition, the medical staff is stable and loyal. Service area concerns include reliance on defense-related employers and the related downsizing of this industry.
 -0- 8/28/92
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/ CO: William W. Backus Hospital ST: Connecticut IN: HEA SU: RTG


TS -- NY036 -- 4396 08/28/92 12:56 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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