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WISCONSIN HEFA (BELOIT MEMORIAL HOSPITAL) $5.2 MILLION SERIES 1993 'A' -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 11 /PRNewswire/ -- Wisconsin Health and Educational Facilities Authority $5.2 million revenue bonds, series 1993 (Beloit Memorial Hospital, Inc.) are rated "A" by Fitch. The credit trend is stable. Bond proceeds will be used to advance refund the outstanding series A and B bonds, currently rated "A" by Fitch, and fund approximately $3.3 million in renovations and equipment purchases. The issue is expected to be priced through negotiation by John Nuveen & Co. during the week of Oct. 18.
 The rating is supported by Beloit Memorial's strong financial operating performance, very low debt load, and 74 percent market share in Beloit. Pro forma debt-to-capitalization was only 17.7 percent as of Aug. 31. Historic pro forma maximum annual debt service coverage was an exceptional 9.8 times in 1992. Furthermore, the physical plant is in excellent condition and no future financings are contemplated over the next few years. The cash position is adequate at 46 days cash on hand as of Aug. 31, although available cash and investments represents a strong 87.8 percent of long-term debt.
 Concerns include a significant drop in inpatient admissions over the last few years. Discharges dropped by 19.3 percent over the last three years. However, management has established several outpatient clinics throughout the service area to solidify its market position. Service area demographics include vulnerability to the manufacturing industry, a flat population trend, and below-average income statistics.
 -0- 10/11/93
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/


CO: Wisconsin Health and Educational Facilities Authority ST: Wisconsin IN: HEA SU: RTG

TS -- NY041 -- 0767 10/11/93 16:04 EDT
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Publication:PR Newswire
Date:Oct 11, 1993
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