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SECOND QUARTER 1992 DOWNGRADES EXCEED UPGRADES FOR HOSPITALS BONDS

 SECOND QUARTER 1992 DOWNGRADES EXCEED UPGRADES FOR HOSPITALS BONDS
 NEW YORK, July 1 /PRNewswire/ -- Moody's Public Finance Department during the second quarter of 1992 issued four upgrades and eight downgrades for tax-exempt hospital revenue bond ratings. Six of the downgrades were the result of comprehensive reviews of hospitals rated in the states of Maryland and Michigan. These reviews are part of Moody's ongoing routine monitoring of hospital revenue bond ratings throughout the country on a state-by-state basis. In addition, Moody's issued 97 other ratings on hospitals which were either initial ratings or confirmations of existing ratings. All of these figures exclude ratings issued with credit enhancement such as bond insurance or bank letters of credit.
 Although Moody's believes that there has been some stabilization in the financial condition of hospitals as evidenced by the improvement of financial ratios in fiscal year 1991, it expects the negative rating trend to continue as hospitals struggle with their expenses outpacing reimbursement levels and the increasing competition in most markets. Smaller facilities in both rural and inner city areas are particularly hard pressed to cope with this difficult operating environment.
 MOODY'S INVESTORS SERVICE
 Rating Changes for the Second Quarter, 1992
 UPGRADES (4):
 Rating Rating $000
 Hospital (Location) Issuer From To Date Debt
 Walker Regional Jasper Medical Baa Baa1 4/1 19,413
 Medical Center Clinic Board
 (Jasper, Ala.)
 Memorial Hospital Maryland Health Baa1 A 5/6 25,513
 (Cumberland, Md.) and Higher Educ.
 Facilities Auth.
 Good Samaritan Hosp. Maryland Health Baa1 A 5/11 25,153
 (Baltimore, Md.) and Higher Educ.
 Facilities Auth.
 Hilton Head Hosp. Beaufort County Ca Ba 6/19 9,112
 (Hilton Head, S.C.)
 DOWNGRADES (8):
 Rating Rating $000
 Hospital (Location) Issuer From To Date Debt
 Sun Health Corp. Maricopa County Baa1 Baa 4/3 27,900
 (Sun City, Ariz.)
 Port Huron Hosp. Michigan State Baa1 Baa 4/29 26,915
 (Port Huron, Mich.) Hosp. Finance
 Auth.
 St. Anne's Hosp. Mass. Health Ba B1 5/4 20,605
 (Fall River, Mass.) and Higher Ed.
 Fac. Auth.
 Detroit Osteopathic Mich. State Ba1 Ba 5/4 45,125
 Hosp. Corp (Detroit) Hosp. Finance
 Auth.
 Garden City Hosp. Mich. State Baa Ba 5/4 19,996
 (Garden City, Mich.) Hosp. Finance
 Auth.
 Hurley Medical Ctr. Mich. State A Baa1 5/4 69,225
 (Flint, Mich.) Hosp. Finance
 Auth.
 Lansing Gen'l Hosp. Mich. State Baa1 Baa 5/4 13,043
 (Lansing, Mich.) Hosp. Finance
 Auth.
 Anne Arundel Med. Ctr. Md. Health and A Baa1 5/11 22,307
 (Annapolis, Md.) Higher Ed.
 Facilities Auth.
 -0- 7/1/92 R
 /CONTACT: John Goetz, vice president and manager, health care finance, 212-553-0930, or Dennis Farrell, vice president, health care finance, 212-553-7780, both of Moody's Public Finance Department/ CO: ST: Maryland, Michigan IN: HEA SU: RTG


TQ-KD -- NY031R -- 5736 07/01/92 13:05 EDT
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Date:Jul 1, 1992
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