The underlying rating on New Jersey Health Care Facilities Finance Authority's bonds, issued on behalf of the St. Barnabas Health Care System, reflects: Geographic dispersion and market share strength; Improving financial operations; and Good liquidity, which provides a much needed cushion during the system's transitional years. The issue is expected to be rated 'AAA' based on insurance from MBIA. St. Barnabas' strategy to build a system covering the most densely populated portions of the state has been largely fulfilled over the past two years with rapid mergers and acquisitions that have increased the number of system acute-care hospitals to 10 from two. St. Barnabas now has a leading, although not dominant, statewide market share at 13%. Many of these additions
