LUTHERCARE (WY) 'BBB-' SERIES 1988 BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
LUTHERCARE (WY) 'BBB-' SERIES 1988 BONDS AFFIRMED BY FITCH
-- FITCH FINANCIAL WIRE --
NEW YORK, Nov. 25 /PRNewswire/ -- Luthercare's $4.7 million health care facilities revenue refunding bonds series 1988 are affirmed at 'BBB-' by Fitch. The credit trend is stable. The bonds were issued by Natrona County, Wyo.
Luthercare, doing business as Shepherd of the Valley Care Center, operates a 216-bed nursing facility in Casper. Personal care and independent living services are also available. Good competitive position, near 100 percent occupancy levels with waiting lists, and 42 percent private pay mix still prevail. Recent projects primarily funded with cash have resulted in a relatively young plant on average. A management goal to rebuild cash has been met and current position is approximately $600,000; trustee-held cash adds another $0.7 million.
Debt service related ratios are improving and coverage of 2.2 times is favorable. As a percent of revenues, debt service is declining to more manageable levels and is currently at 10 percent. Debt-to- capitalization is still high at 71 percent.
/Note -- For a copy of the related surveillance report, call Market Services 800-75-FITCH./
/CONTACT: Ila Griffith Forster of Fitch, 212-908-0553/ CO: Luthercare ST: Wyoming IN: HEA SU: RTG KD -- NY035 -- 6770 11/25/91 10:58 EST