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WUESTHOFF MEMORIAL HOSPITAL (FLA.) SERIES 1992B BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

WUESTHOFF MEMORIAL HOSPITAL (FLA.) SERIES 1992B BONDS RATED 'A-' BY
 FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, March 11 /PRNewswire/ -- Wuesthoff Memorial Hospital's $39.3 million series 1992B revenue bonds, issued by Brevard County (Florida) Health Facilities Authority, are rated "A-" by Fitch. The credit trend is stable. Bond proceeds will be used to refund the outstanding 1977 series A ($3.9 million) and the 1983 bonds ($29.6 million), refinance outstanding bank loans ($1.8 million), refinance outstanding capitalized leases ($2.5 million), and finance capital purchases ($2.0 million).
 The rating is supported by the hospital's favorable market position in an area targeted for future growth, its sound management team, and favorable cash flow. In addition, there are no significant future financing plans over the next five years. Historic pro forma maximum annual debt service coverage was 2.13 times (x) in 1991. Concerns center around the hospital's balance sheet. The debt load is above average, with a debt-to-plant ratio of 65.5 percent as of Jan. 31. Available cash totalled only $8.1 million for a cushion ratio of 1.2x.
 Wuesthoff Memorial Hospital operates 257 acute care beds in Rockledge, Brevard County. The hospital provides a broad array of services, emphasizing orthopedics, cardiac, cancer, and obstetrical services. Inpatient utilization declined over the last few years; however, outpatient growth has been steady.
 -0- 3/11/92
 /CONTACT: Michele Cebron of Fitch, 212-908-0591/ CO: Wuesthoff Memorial Hospital ST: Florida IN: HEA SU: RTG


SH -- NY052 -- 7340 03/11/92 14:18 EST
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Publication:PR Newswire
Date:Mar 11, 1992
Words:253
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