A ROSAT observation of the narrow-line Fe II QSO PHL 1092 shows rapid
variability that requires an efficiency of at least 0.13, exceeding th
e theoretical maximum for an accretion disk around a nonrotating black
hole. Plausible explanations for this high efficiency incorporate ani
sotropic emission and/or accretion onto a rapidly rotating black hole,
the latter being recently suggested by Kwan et al. as a mechanism for
generating the strong Fe II lines of PHL 1092 by mechanical heating i
n an accretion disk. The soft X-ray luminosity of PHL 1092 had also in
creased by a factor of 21 over the weak Einstein detection, to more th
an 5 x 10(46) ergs s(-1). Its photon spectral index of 4.2 is among th
e steepest of any active galactic nucleus. These X-ray properties are
characteristic of narrow-line Seyfert 1 galaxies, of which PHL 1092 is
evidently a very luminous member. Narrow-line QSOs also extend the si
gnificant correlation between X-ray luminosity and X-ray spectral inde
x which we have found among a large sample of optically selected, narr
ow-line Seyfert 1 galaxies observed by ROSAT.