The rating on New Jersey Health Care Facilities Financing Authority's bonds, issued for Christian Health Care Center, reflects a diversified service offering in long-term care and mental health, strong demand for services, profitable operations, and moderate liquidity. Mitigating factors include weak debt service coverage, significant leverage, and project risk with a new assisted living center. Christian Health Care Center has an 87-year history and is located on an 81-acre, Bergen County campus. Services provided include skilled nursing, residential health care, senior housing, adult-day care, psychiatric care, specialized long-term care for behavior management (one of only two programs in the state), and outpatient mental health. Utilization is strong, with occupancies for most programs over 98%. Despite limited revenue growth, 15% from
