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ARLINGTON HOSPITAL (VA.) $48.2 MILLION BONDS 1993A RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 21 /PRNewswire/ -- The Industrial Development Authority of Arlington County, Va.'s $48.2 million hospital revenue refunding bonds (The Arlington Hospital), series 1993A are rated 'A+' by Fitch. The credit trend is stable. Bond proceeds will be used to refund $40.7 million of outstanding series 1991A bonds. Approximately $7.3 million of the series 1991A bonds will remain outstanding, those with maturities ranging from 1994-2001. The outstanding 'A+' series 1991A bonds are affirmed.
 The rating is supported by Arlington Hospital's very strong balance sheet, sound financial operating performance, low debt load, and excellent historic pro forma maximum annual debt service (MADS) coverage. The liquidity position is substantial, with available cash and investments totaling nearly 2.0 times (x) pro forma long-term debt and days cash on hand of 427 days. The debt load is very low, with pro forma debt-to-capitalization of only 32.5 percent. Historic pro forma MADS coverage was an exceptional 6.2x in 1992.
 Service area demographics are very strong, with steady population growth, high income levels, and low unemployment rates. The medical staff is sizable and well diversified for this 374-bed community hospital.
 The competitive environment is the primary concern for this credit. There are a number of other acute-care providers in the immediate area, including a major tertiary hospital that is the dominant provider. In addition, inpatient admissions declined by 3.1 percent over the last two fiscal years.
 -0- 9/21/93
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/


CO: Industrial Development Authority Of Arlington County, Va. ST: New York IN: HEA SU: RTG

TM -- NY095 -- 4402 09/21/93 17:38 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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