The rating on New Jersey Health Care Facilities Finance Authority's bonds, issued for Allegheny Hospital (formerly known as Zurbrugg Memorial Hospital), reflects a substantially weakened balance sheet with less cash and a large liability to affiliates. At year-end December 1996, Allegheny Hospital held almost $18 million in liquidity and had only $4 million due to affiliates (primarily to Graduate Health System, their prior parent company). Through first nine months of 1997, cash has dipped to under $5.5 million and there is $16 million due to affiliates. Days' cash on hand through nine months is weak at 23 days' versus 85 at year-end 1996. These changes have occurred as a result of advances to Allegheny Hospital's new parent -- Allegheny Health,
