The ratings on New Jersey Health Care Facilities Financing Authority's bonds, issued for Saint Barnabas Health Care System and Union Hospital&Mega Care reflect: The system's position as the largest provider in New Jersey with good geographic and programmatic dispersion, including 10 acute-care hospitals and a range of specialty hospitals, long-term care providers, and ambulatory facilities; Weak, but improving operations, with the underlying operating loss cut in half in 1999, after adjusting for one-time items, and profitable results through June 2000; A stable balance sheet characterized by moderate liquidity and above-average leverage; and An improving reimbursement climate on the part of private and governmental payors; Saint Barnabas should benefit significantly in 2000 from one-time reimbursements and asset dispositions worth
