NEW YORK (Standard & Poor's CreditWire) March 18, 1999--Standard & Poor's today affirmed its triple-'B' rating on Montgomery County Higher Education & Health Authority, Pa.'s $19.98 million revenue bonds series 1996, issued for Waverly Heights, Pa. The rating for Waverly Heights, a life care continuing care retirement community (CCRC), located in Gladwyne, (Lower Merion Township)-a suburb of Philadelphia, reflects strong demand, a very strong local economy and adequate financial performance with fiscal year-ending Dec. 31, 1997 adjusted debt service coverage of 2.0 times (x) and an ample 401 days cash on hand. However, recent negative excess margins of 1.6% or less preclude consideration of a higher rating. Located in Lower Merion Township (triple-'A' GO), Waverly Heights benefits from the strong
