NY -- Standard&Poor's CreditWire 1/14/98 -- Standard&Poor's today assigned its single-'A'-plus Standard&Poor's Underlying rating (SPUR) to New Jersey Health Care Facilities Financing Authority's $113 million refunding and revenue bonds series 1998, issued for Community/Kimball/Kensington Manor, N.J. The bonds are expected to receive a triple-'A' rating based on insurance. The underlying rating reflects: -- Solid combined market position, -- Good liquidity, and -- Profitability that remains adequate but has declined sharply as growing managed care penetration is depressing revenues. Offsetting rating factors include the risk that continuing managed care pressures could result in permanently reduced profitability levels and transfers out of the obligated group to support physician losses. The newly created obligated group includes 425-staffed
