NEW YORK (Standard&Poor's) June 15, 2011--Standard&Poor's Ratings Services has revised its outlook to negative from stable and affirmed its 'BBB-' long-term rating on the $242 million series 2008 bonds issued by New Jersey Health Care Facilities Financing Authority for St. Joseph?s Healthcare System (SJHS). "The outlook revision reflects our assessment of SJHS's 2010 financial performance, which did not meet projections, combined with a large Medicaid-related liability that precludes any cash accumulation this year," said Standard&Poor's credit analyst Cynthia Keller. The rating reflects Standard&Poor's view of SJHS's; Thin, but positive, operating income; Essentiality of services as St. Joseph's Regional Medical Center (SJRMC) is a leading provider of charity care in New Jersey; Adequate
