Printer Friendly

GEORGIA BAPTIST HEALTH CARE SYSTEM CERTIFICATES RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 GEORGIA BAPTIST HEALTH CARE SYSTEM CERTIFICATES RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 11 /PRNewswire/ -- Three series of refunding revenue anticipation certificates issued for Georgia Baptist Health Care System (GBHCS) are rated 'A' by Fitch. The issues are Fulco Hospital Authority's $136.5 million series 1992A and 1992B certificates, and DeKalb Private Hospital Authority's $2.8 million series 1992C certificates. The credit trend is stable. The issues are expected to be priced through negotiation by Merrill Lynch & Co. during the week of Aug. 24.
 GBHCS includes a 460-bed teaching hospital located in Atlanta, two nursing homes, and a college of nursing. GBHCS is an operating unit of the executive committee of the Baptist Convention of the State of Georgia. Security for the certificates is the gross revenues of GBHCS.
 GBHCS benefits from a strong management team that has developed a sound market strategy in the competitive Atlanta market. The financial position of GBHCS has strengthened and medical staff relations have improved notably. Historical pro forma maximum annual debt service (MADS) coverage exceeded 2.0 times in each of the last two years, and MADS coverage on a cash flow basis was equally strong. Pro forma MADS as a percent of total revenues was a very manageable 5.5 percent in 1992. The liquidity position has improved significantly, and days cash on hand is currently a healthy 114 days. From a balance sheet standpoint, the debt load will be relatively high with a pro forma debt-to- capitalization ratio of near 60 percent.
 Proceeds will be used to refund outstanding long-term debt of GBHCS, reimburse GBHCS for prior capital expenditures, fund future capital expenditures, and fund a major renovation program. The construction project will upgrade certain areas of the existing plant and improve operating efficiencies among departments. The project is expected to be completed within 24 months.
 -0- 8/11/92
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/ CO: Georgia Baptist Health Care System ST: Georgia IN: SU: RTG


CK -- NY056 -- 8967 08/11/92 12:23 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 11, 1992
Words:338
Previous Article:CAPSTEAD MORTGAGE CORPORATION ANNOUNCES TWO CMOS TOTALING $350 MILLION
Next Article:SPRINT DECLARES THIRD QUARTER DIVIDEND
Topics:


Related Articles
FITCH $4.6 BILLION HEALTH CARE SURVEILLANCE DEBUTS ON BLOOMBERG -- FITCH FINANCIAL WIRE --
/C O R R E C T I O N -- FITCH/(Correction Notice)
Georgia Baptist 'A' Bonds Placed On FitchAlert -- Fitch Financial Wire --
Fitch Rates Gwinnett County Hospital Authority Georgia's $60 Million RACs - Fitch Financial Wire -
Fitch Upgrades Baptist Health System, Florida, to 'A+'; Outlook Stable.
Fitch Affirms Northeast Georgia Health System, Georgia Hosp Revs at 'A'.
Fitch Rates Baptist Health System (Florida) $100MM Bonds Series 2007A-B 'A+'; Outlook Stable.
Fitch Rates Northeast Georgia Health System 2007 Bonds 'A'.
Fitch Rates Gwinnett Health System (Georgia) $308.44MM 2007A-F 'A+'.
Fitch Rates Columbus Regional Healthcare System (Georgia) 2008 Ctfs 'A-'; Dwngrs Outstanding.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters