NY -- Standard&Poor's CreditWire 1/27/98 -- Standard&Poor's today lowered its rating on New Jersey Health Care Facilities Finance Authority's refunding bonds series C, issued for Allegheny Hospital (formerly known as Zurbrugg Memorial Hospital), to double-'B'-minus from triple-'B'-minus. The outlook is revised to stable from negative. The rating is based on a substantially weakened balance sheet with less cash and a large liability to affiliates. At year-end December 1996, Allegheny Hospital held almost $18 million in liquidity and had only $4 million due to affiliates (primarily to Graduate Health System, their prior parent company). Through nine months 1997 cash has dipped to under $5.5 million and there is $16 million due to affiliates. Days' cash on hand
