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LOWELL GENERAL HOSPITAL 'BBB+' MASS HEFA REVENUE BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

LOWELL GENERAL HOSPITAL 'BBB+' MASS HEFA REVENUE BONDS AFFIRMED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 18 /PRNewswire/ -- Lowell General Hospital's 'BBB+' 1991 series A revenue bonds, issued by the Massachusetts Health and Educational Facilities Authority, are affirmed by Fitch. The credit trend is stable.
 Strengths include an excellent liquidity position, moderate debt load, a 4 percent admissions increase in 1991, and strong debt service coverage ratios. Operating performance improved and is significantly better than both budgeted and projected numbers. Historical coverage of maximum annual debt service was a strong 2.5 times in 1991. Offsetting factors include a history of operating losses and a competitive service area.
 In addition to $6.0 million of available cash and investments, the hospital maintains an endowment fund of about $18.4 million, more than 80 percent of which is unrestricted. Days in accounts receivable improved to a low of 66 days in 1991. The debt load is moderate, with debt to capitalization of 44 percent and debt to plant of 81 percent.
 -0- 12/18/91
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/ CO: Lowell General Hospital ST: Massachusetts IN: HEA SU: RTG


JT -- NY036 -- 3398 12/18/91 11:59 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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