NY -- Standard&Poor's CreditWire 11/26/97 -- Standard&Poor's today affirmed its triple-'B' rating on New Jersey Health Care Facilities Financing Authority, N.J.'s series 1988B bonds, issued for Rahway Hospital. The rating outlook was revised to negative from stable. The rating reflects erratic financial performance, offset somewhat by balance sheet strength, a manageable debt burden, and location in a competitive service area where a recently announced merger may improve future years operations. Rahway's financial performance improved in 1996. After a $1.7 million operating loss in 1995, Rahway's reduced length of stay afforded opportunities for staffing reductions totaling $4 million, which were sufficient to offset revenue reductions to $84 million from $86 million. The revenue reductions were due in
