The Standard&Poor's Underlying Rating (SPUR) on New Jersey Health Care Facilities Financing Authority's bonds, issued for St. Barnabas Health Care System, reflects improved financial operations including net income, maintenance of good liquidity, and St. Barnabas' continued geographic dispersion and market share strength. After posting operating and bottom line losses in 1997 of $105 million and $52 million respectively, St. Barnabas implemented aggressive action to improve system finances. These actions included significant cost reductions at the acute-care facilities and corporate, restructuring of employed physician relationships, and improvements at the system's new ambulatory care center. Original projections for 1998 net income of $48 million were not met—however, the unaudited 1998 $22 million net income and a $44 million loss from
