The rating on Connecticut Health and Educational Facilities Authority's bonds, issued for Masonicare, reflects: * Very strong liquidity as demonstrated by over 700 days' cash on hand; * Adequate 2 times (x) adjusted maximum annual debt service in 1996; * Strong long-term offerings characterized by good overall occupancy of over 90%; * Steady organizational growth of facilities and services; * Consistent fund-raising capabilities; * Healthy investment earnings; and * National accreditation of all facilities through the Joint Commission for Accreditation of Healthcare Organizations and Continuing Care Accreditation Commission. A higher rating is precluded because of a high 54% dependence on Medicaid for patient revenues and the resulting operating losses incurred partially because of the significant number of services offered. Founded
