The rating on New Jersey Health Care Facilities Financing Authority's bonds, issued for Pascack Valley Hospital, reflects a stable market position in a competitive service area combined with an adequate financial profile that has rebounded from losses in 1996. Other rating factors include a sound strategy to cope with sharply rising managed-care penetration, establishment of new programs, and Pascack's location in a wealthy, stable community. Bond proceeds will refund existing debt and provide $5 million of new capital, half of which will reimburse prior capital expenditures. Pascack is the smallest of five hospitals within its Northern Bergen County, N.J. service area. Volume rebounded to historic levels of just over 12,000 admissions in 1997 after a dip in 1996. The growth
