NEW YORK (Standard&Poor's CreditWire) May 25, 1999--Standard&Poor's today affirmed its single-'A'-minus Underlying Ratings (SPUR) on New Jersey Health Care Facilities Financing Authority's $11.83 million refunding bonds series 1998C and $458.49 million revenue and refunding bonds series 1998B, issued for St. Barnabas Health Care System. The rating reflects improved financial operations including net income, maintenance of good liquidity, and St. Barnabas' continued geographic dispersion and market share strength. After posting operating and bottom line losses in 1997 of $105 million and $52 million respectively, St. Barnabas implemented aggressive action to improve system finances. These actions included significant cost reductions at the acute-care facilities and corporate, restructuring of employed physician relationships, and improvements at the system's new ambulatory
