The rating on New Jersey Health Care Facilities Financing Authority's revenue bonds issued for Cathedral Health Services Inc. (FHA insured mortgage) series A, dated Dec. 1, 1990 reflects: * Final endorsement of the mortgage note on the completed project on Jan. 27, 1997; * The expiration of the construction fund repo agreement with Banque Indosuez on Feb. 15, 1995; * The strong credit quality of the mortgage note on the underlying St. Michael's Medical Center, Newark, N.J. project fully insured by FHA under Sections 242 and 223(e) of the National Housing Act; * Full and timely payment of debt service on the bonds and the underlying mortgage note; * A strong asset/liability position in excess of 112%; and * Debt
