The rating on Pennsylvania Higher Educational Facilities Authority's bonds, issued for Thomas Jefferson University, is based on excellent institutional characteristics, good balance sheet, adequate financial performance, and historically strong utilization trends. Institutional strengths include a strong medical staff which maintains a large emphasis on primary care for a tertiary hospital. The 701-bed tertiary hospital division, comprising 80% of total Thomas Jefferson University's unrestricted revenues, is the second largest hospital (based on admissions) in the very competitive Philadelphia market. The satellite campus, Ford Road, was closed for acute care services as of Dec. 31, 1994. The Children's Rehabilitation hospital, housed in the Ford Road facility has been downsized to 20 beds from 40. University surpluses fluctuated between $1.9 million and $4.3
