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NATIONAL BENEVOLENT ASSOCIATION REVENUE BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 16 ~PRNewswire~ -- The Jacksonville Health Facil ities Authority $27.7 million industrial development revenue refunding bonds (National Benevolent Association - Cypress Village Florida Project) series 1992 are rated 'A-' by Fitch. The credit trend is stable. Bond proceeds will be used primarily to advance refund the outstanding series 1990 bonds.
 The 'A-' rating is based on the credit strength of the National Benevolent Association (NBA) and the other obligated group members, which include 21 facilities providing services to the elderly, children, and developmentally disabled persons across the U.S. Credit strengths include a more than 100-year operating history, strong liquidity position, and sound debt service coverage. Historical pro forma maximum annual (MADS) debt service coverage was 2.02 times in 1991. MADS was based on a worst case assumption and includes expected additional debt through 1995. The debt load, although increasing, is manageable, with pro forma debt-to-capitalization of about 44.7 percent after issuance of the series 1992 bonds.
 Risks center around NBA's reliance on investment income and contributions to fund operations. This is highlighted by the nine-month interim bottom line loss, which is primarily due to unrealized losses in the investment portfolio.
 -0- 11~16~92
 ~CONTACT: Michele Cebron of Fitch, 212-908-0591~


CO: National Benevolent Association ST: Florida IN: SU: RTG

SH -- NY060 -- 1249 11~16~92 11:52 EST
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Publication:PR Newswire
Date:Nov 16, 1992
Words:223
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