S&P Global Ratings affirmed its 'BBB-' long-term rating on New Jersey Health Care Facilities Financing Authority, N.J.'s tax-exempt $40 million series 2016, 2017, and 2022 bonds issued for St. Joseph's Health Inc. The outlook is stable. The bonds are secured by a gross revenue pledge and mortgage from the obligated group. The rating reflects SJH's stable and leading market share in the system's competitive service area, its position as a leading provider of charity care and fifth-largest hospital overall in New Jersey. Although SJH's market position has been a credit strength, we view the payer mix as challenging given its high reliance on government payers, Medicaid in particular. The system is further supported by its well-tenured and experienced management team,
