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NORTH CAROLINA MEDICAL CARE COMMISSION MOREHEAD MEMORIAL HOSPITAL BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 31 /PRNewswire/ -- The North Carolina Medical Care Commission's $11.0 million Hospital Revenue Bonds, Series 1993, issued for Morehead Memorial Hospital, are rated 'BBB' by Fitch. The credit trend is stable. Bond proceeds will be used to finance construction of a freestanding 134 bed Long Term Care facility, fund future capital expenditures, and refund outstanding debt. The bonds are to be sold in early May by Wheat First Securities, Inc.
 The rating is supported by a five year history of solid operating margins, strong historical pro forma debt service coverage, strong physician relations, and an operating philosophy that stresses a continuum of care.
 Concerns include a weak cash position and significant competition from nearby facilities.
 Morehead Memorial Hospital is located in Eden (N.C.) near the Virginia border. After completion of the project, Morehead will operate 108 acute-care beds and 134 Long-Term Care beds. In addition, Morehead owns three Medical Office Buildings, two in Eden and one in Ridgeway (Va.).
 -0- 3/31/93
 /CONTACT: Fred Martucci of Fitch, 212-908-0554/


CO: North Carolina Medical Care Commission; Morehead Memorial Hospital ST: North Carolina IN: HEA SU: RTG

PS -- NY043 -- 1486 03/31/93 12:07 EST
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Publication:PR Newswire
Date:Mar 31, 1993
Words:198
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