The rating on New Jersey Health Care Facilities Finance Authority's bonds, issued for Pascack Valley Hospital, is based on hospital's: Recent declines in overall business volumes in a highly competitive marketplace, Weakened operational performance with historically low liquidity levels to offset business risks, Downward pressure on reimbursements from managed care and governmental payors. Pascack Valley Hospital (PVH), is a 291-staffed bed hospital, located in the affluent town of Westwood, in Bergen County, N.J. In recent years, PVH has been affected by the compound impact of reduced Medicare reimbursements and strong presence of managed care. As a result, the overall financial performance has suffered. PVH admitted an average of 16,583 inpatients between 1993 and 1996. In 1997 and 1998, however, admissions
