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NORTH CAROLINA MEDICAL CARE COMMISSION'S REX HOSPITAL BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 11 /PRNewswire/ -- The North Carolina Medical Care Commission's $69.7 million Hospital Revenue Bonds, Series 1993, issued for Rex Hospital, are rated A+' by Fitch. The credit trend is stable. Bond proceeds will be used to refund the hospital's outstanding debt and to fund $30 million of capital expenditures for equipment and facilities improvements.
 The rating is supported by Rex's solid position as the leading healthcare provider to the commercial-pay segment of the market, favorable service area demographics including significant population growth and above-average economic indicators, strong pro forma coverage of maximum annual debt service, a modest debt burden, growing medical staff, profitability, and sound, user-friendly physical facilities.
 Limiting a higher rating is Rex's moderate cash position as a result of its historical "pay as you go" capital investment philosophy and a competitive service area.
 Rex Hospital is a 394 staffed bed acute care hospital in western Raleigh. The hospital provides a full range of acute care and tertiary services and is a regional referral center for obstetrics/gynecology and rehabilitative services. Rex also operates a 140 bed convalescent care center, a wellness center, and a home health agency on its 62 acre campus.
 -0- 1/11/93
 /CONTACT: Andy Matteis of Fitch, 212-908-0501/


CO: North Carolina Medical Care Commission ST: North Carolina IN: HEA SU: RTG

SH -- NY043 -- 3485 01/11/93 11:27 EST
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Publication:PR Newswire
Date:Jan 11, 1993
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