...The 'A' ratings for the New Jersey Health Care Facilities Financing Authority (NJHCFFA) Department of Human Services (DHS) lease revenue refunding bonds, one notch below New Jersey's 'A+' Issuer Default Rating (IDR), are based on the annual state appropriation of principal and interest for the bonds. NJHCFFA issues appropriation-supported and revenue- supported debt to meet the financing needs of hospitals, nursing homes, and other healthcare- related facilities and organizations. New Jersey's 'A+' IDR and Stable Outlook reflect Fitch's view that the state has effectively used the fiscal momentum of recent years to accelerate progress on its long-term fiscal and liability challenges. Economic and revenue performance continue to be solid despite slowing from the pace immediately following the pandemic, helping New Jersey to shrink its liabilities and maintain ending balances well in excess of historical experience. Despite recent improvements, high liabilities and elevated carrying costs...
