NEW YORK (Standard&Poor's CreditWire) April 2, 1999—Standard&Poor's today affirmed its triple-'B'-plus rating on New Jersey Health Care Facilities Finance Authority's $16.27 healthcare revenue bonds, issued for East Orange General Hospital (EOGH). The rating reflects: -- A low debt level, with maximum debt service at 2.4% of revenue and debt to capital at 25%, -- Solid cash and board designated funds of $33 million, equal to two times outstanding debt and 157 days' expenses, and -- Good historical profitability, although operating performance was negative in 1998 primarily due to disruptions in patient flow from a protracted renovation project. A higher rating is precluded by: -- A challenging operating environment characterized by a crowded and fragmented hospital market,
