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UNITED CHURCH HOMES (OHIO) 'BBB' REVENUE BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 UNITED CHURCH HOMES (OHIO) 'BBB' REVENUE BONDS AFFIRMED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 17 /PRNewswire/ -- United Church Homes, Inc.'s $16.570 million 'BBB' revenue bonds Series 1990 are affirmed by Fitch. The credit trend is stable. The bonds were issued by the County of Marion, Ohio.
 United Church Homes owns and operates four nursing homes in Ohio and one facility in Indiana. With a total of 883 units, the homes offer 599 nursing home beds, 240 congregate care-assisted living units, and 44 independent living units. In operation for over 70 years, the homes are affiliated with the United Church of Christ.
 The Series 1990 bonds were primarily used to finance various projects at three of the facilities; two of the projects have been completed and the third is expected to by completed by the end of this year.
 Despite softness in certain non-nursing areas, a lower than anticipated full-year 1990 operating income result, and delays in projects not financed by the bonds, the homes' coverage ratios remain adequate and cash positions have improved. The full-year 1991 loss is expected to miss the original projection by only $300,000; the homes are poised to meet 1992 projections. The construction of a sixth facility in Ohio is under way and on schedule. The major concern for this credit still centers around the number of concurrent projects undertaken at various facilities.
 -0- 1/17/92
 /NOTE TO EDITORS: For a copy of the related surveillance report, call Market Services, 800-75-FITCH./
 /CONTACT: Ila Griffith Forster of Fitch, 212-908-0553/ CO: United Church Homes ST: Ohio IN: HEA SU: RTG


CK -- NY048 -- 1048 01/17/92 14:19 EST
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Publication:PR Newswire
Date:Jan 17, 1992
Words:277
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