New Jersey Health Care Facilities Financing Authority Series 2016 Bonds Rated 'BBB-'

NEW YORK (S&P Global Ratings) July 7, 2016--S&P Global Ratings assigned its 'BBB-' rating to the New Jersey Health Care Facilities Financing Authority's series 2016 bonds. At the same time, S&P Global Ratings affirmed its 'BBB-' rating on the authority's series 2008 bonds, issued for St. Joseph's Healthcare System (SJHS). The outlook is positive. The outlook was revised to positive in November 2015 and continues to reflect S&P Global Ratings' view of recent improvement in operations and balance sheet metrics, and strategies implemented to sustain operating margins at a level that could be in line with a higher rating, and maintenance of liquidity measures. A higher rating is precluded due to some expected balance sheet strain from additional debt and

...NEW YORK (S&P Global Ratings) July 7, 2016--S&P Global Ratings assigned its '###-' rating to the New Jersey Health Care Facilities Financing Authority's series 2016 bonds. At the same time, S&P Global Ratings affirmed its '###-' rating on the authority's series 2008 bonds, issued for St. Joseph's Healthcare System (SJHS). The outlook is positive. The outlook was revised to positive in November 2015 and continues to reflect S&P Global Ratings' view of recent improvement in operations and balance sheet metrics, and strategies implemented to sustain operating margins at a level that could be in line with a higher rating, and maintenance of liquidity measures. A higher rating is precluded due to some expected balance sheet strain from additional debt and uncertainty around the legal action related to the health system's pension. "We assess the enterprise profile as strong with SJHS serving a large population and maintaining dominant market share," said S&P Global Ratings credit analyst Jessica...

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