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Article: CAPE CORAL HEALTH FACILITIES AUTHORITY (FL) SERIES 1991 LOWERED TO 'CCC' BY FITCH -- FITCH FINANCIAL WIRE --
- Article from:
- PR Newswire
- Article date:
- December 8, 1994
CopyrightCOPYRIGHT 1994 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Dec. 8 /PRNewswire/ -- The rating on Cape Coral Health Facilities Authority (FL)'s outstanding $56.9 million hospital revenue bonds (The Cape Coral Medical Center, Inc. Project) Series 1991 is lowered to 'CCC' from 'BBB-' by Fitch. The rating remains on FitchAlert with evolving implications. Fitch does not rate the hospital's $47.3 million series 1987 bonds or its $33.0 million series 1989 bonds.
Financial results released at a bondholder meeting held in Cape Coral on Dec. 5, 1994 show an audited $18.9 million loss for the fiscal year ended June 30, 1994 and an unaudited $6.2 million loss for the first four months of the hospital's fiscal 1995. Unrestricted cash ...