Just when it seemed things couldn't get worse for health-care companies, middle-market lenders have rated the industry the least appealing place to put their money.

More than two-thirds of lenders, 69%, named health care their last choice for lending, according to a survey to be released today by Phoenix Management Services Inc., a consulting firm in Philadelphia. That's up from 55% of lenders who named the industry "least attractive" during the second quarter.

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