Standard&Poor's Ratings Services assigned its 'BBB-' to $246.1 million series 2008 healthcare revenue bonds issued by the New Jersey Health Care Facilities Financing Authority for St. Joseph?s Healthcare System (SJHS). The outlook is stable. The 'BBB-' rating reflects: Recent overall financial and operational improvement under a new management team, and although the system's operating profitability has fluctuated over the past four years in the face of reimbursement challenges, the profile is adequate for an investment-grade rating; Limited balance sheet with average liquidity and substantial additional debt with this issuance, although using debt to fund capital improvements should allow liquidity to grow over time; Solid market position in Paterson, N.J. and even though the city is economically challenged, SJHS
