SAN FRANCISCO -- Never again can an investor put tax-exempt health care securities "under the pillow and not have to worry," a hospital analyst told the California Society of Municipal Analysts last Friday. Historically, the hospital industry has been "the best-performing" municipal sector, said Glenn Wagner, a vice president with Morgan Stanley & Co.

"I can't make that statement any longer," Wagner told 80 analysts attending a day-long conference on health care at San Francisco's World Trade Center. With the exception of "a handful" of tax-exempt issuers, "this is not a sector you can buy and hold any longer," he said. "Life on the credit side has changed dramatically."

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