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SARASOTA CO. (FL) HOSP. DIST. $60 MIL BONDS 'A+/F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 27 /PRNewswire/ -- Sarasota County Public Hospital District's $60 million variable-rate demand hospital revenue bonds (Sarasota Memorial Hospital Project) series 1993 are rated `A+/F-1' by Fitch. The credit trend is stable.
 The hospital's outstanding `A+/F-1' series 1991 variable-rate demand hospital revenue bonds are affirmed. The series 1993 bonds will be issued as flexible-rate bonds, similar to commercial paper. Bond proceeds will be used to fund various hospital capital projects and to reimburse the hospital for prior capital expenditures.
 The `A+' rating is supported by the hospital's continued strong financial operating performance and solid liquidity position. Sarasota Memorial Hospital's dominant market position in Sarasota County is a major credit strength. This position has been strengthened through the expansion of services and increases in inpatient and outpatient utilization over the last few years. Medical staff characteristics are excellent. The debt position is aggressive and includes a significant amount of variable-rate debt. However, a portion of the variable-rate debt load is hedged by crossover refunding escrow funds, which makes the net debt load manageable. The payor mix, which consists of 66 percent Medicare revenues, limits operating flexibility and is a weakness.
 The short-term `F-1' rating is based on the substantial cash and investment position of the Sarasota County Public Hospital Board and the hospital, which currently totals $176.3 million. To ensure liquidity of the board's investments, the board may draw on a repurchase agreement with Goldman, Sachs & Co. in the event that any bonds tendered for purchase are not remarketed.
 -0- 5/27/93
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/


CO: Sarasota County Public Hospital District ST: Florida IN: HEA SU: RTG

TM -- NY087 -- 3117 05/27/93 16:41 EDT
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Date:May 27, 1993
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