Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on the $248.9 million series 2008 bonds issued by New Jersey Health Care Facilities Financing Authority for St. Joseph?s Healthcare System (SJHS). The outlook is stable. SJHS has delivered on improved earnings and as a result, there is more cushion in this 'BBB-' rating than there was last year. We are monitoring SJHS's ongoing construction project in light of the current economy and potential for softening volumes, although the project remains on time and on budget. Management plans to issue about $30 million in bonds outside the obligated group this year to replace its parking garage. Although Standard&Poor's did not factor these bonds into the original rating and
