Summary: New Jersey Health Care Facilities Financing Authority St. Joseph's Health; Hospital

S&P Global Ratings affirmed its 'BBB-' long-term rating on New Jersey Health Care Facilities Financing Authority's series 2016 and 2017 bonds issued for St. Joseph's Health (SJH; formerly known as St. Joseph's Healthcare System). The outlook is stable. The rating reflects SJH's dominant market share in its competitive service area and as the leading provider of charity care in the State of New Jersey. In addition, the rating reflects SJH's adequate and stable liquidity as well as improved financial metrics through the interim period through June 30, 2018. In addition, the rating reflects our expectation for SJH to maintain positive operating performance throughout fiscal years 2018 and 2019 with operating margins of close to 1%. Overall, leverage remains high, particularly

...S&P Global Ratings affirmed its '###-' long-term rating on New Jersey Health Care Facilities Financing Authority's series 2016 and 2017 bonds issued for St. Joseph's Health (SJH; formerly known as St. Joseph's Healthcare System). The outlook is stable. The rating reflects SJH's dominant market share in its competitive service area and as the leading provider of charity care in the State of New Jersey. In addition, the rating reflects SJH's adequate and stable liquidity as well as improved financial metrics through the interim period through June 30, 2018. In addition, the rating reflects our expectation for SJH to maintain positive operating performance throughout fiscal years 2018 and 2019 with operating margins of close to 1%. Overall, leverage remains high, particularly relative to that of the peer group of similarly rated peers. Also, SJH's relies on special funding, and we view this as a risk given that it could shift and is hard to budget because of the funding's uncertainty. The...

Summary