NEW YORK – (Standard&Poor's CreditWire) Oct.19, 1999—Standard&Poor's today downgraded New Jersey Health Care Facilities Finance Authority's $27.90 million health care revenue bonds series 1994 to triple-'B'-minus from triple-'B', issued for Englewood Hospital and Medical Center. In addition, Standard&Poor's revised its outlook to negative from stable. The rating reflects weakened profitability and a sharp decline in liquidity. These factors are offset by adequate debt service coverage and a light debt burden. The bonds are secured by a revenue pledge of the hospital. Englewood Hospital and Medical Center, a 520-bed acute-care teaching hospital, is located in affluent and competitive Bergen County. A shifting payor mix, reduced state subsidies, and one-time restructuring expenses have dampened Englewood's recent
