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MASSACHUSETTS HEFA $15 MILLION SOUTH SHORE HOSPITAL SERIES E BONDS 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 11 /PRNewswire/ -- The Massachusetts Health and Educational Facilities Authority's $15 million South Shore Hospital issue, series E bonds are rated 'A' by Fitch. The bonds are secured by a lien on gross revenues, on a parity with the outstanding series D and G- 2 bonds. The credit trend is stable. Bond proceeds will be used to refund the outstanding series C bonds. The issue is expected to price through negotiation by PaineWebber on June 22.
 The rating is supported by the hospital's favorable market position, solid management team, and impressive inpatient admissions trend. From 1988-1992, admissions increased by nearly 29 percent. Financial performance is strong, and in 1992 historical pro forma maximum annual debt service coverage was 2.7 times. However, balance sheet debt ratios are relatively high, with debt-to-capitalization of 60 percent. The liquidity position is sound and days cash on hand currently totals 79.
 South Shore Hospital currently operates 312 beds and is located 15 miles south of Boston. Competition is primarily the Boston teaching hospitals. However, South Shore's market share improved over the last few years, due in part to strong physician recruitment and facility expansion and renovation.
 -0- 6/11/93
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/


CO: Massachusetts Health and Educational Facilities Authority ST: Massachusetts IN: HEA SU: RTG

LD -- NY061 -- 1212 06/11/93 16:38 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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