S&P Global Ratings affirmed its 'BBB-' long-term rating on New Jersey Health Care Facilities Financing Authority's 2016 and 2017 bonds issued for St. Joseph?s Health (SJH). The outlook is stable. The ratings and outlook reflect SJH's stable and dominant market share in its competitive service area, its position as a leading provider of charity care in the state of New Jersey, and management's ongoing efforts to improve operational performance and strengthen and de-risk the balance sheet. The ratings also incorporate the system's operating losses as of fiscal year-end 2019 and in the first quarter of March 2020, reported on a consolidated basis, though these losses are mitigated by SJH's liquidity profile, which was bolstered by governmental relief funds received as
