The underlying rating on New Jersey Health Care Facilities Financing Authority's bonds, issued for Community/Kimball/Kensington Manor, reflects: * Solid combined market position; * Good liquidity; and * Profitability that remains adequate, but that has decreased sharply as growing managed care penetration is depressing revenues. Offsetting rating factors include the risk that continuing managed care pressures could result in permanently reduced profitability levels and transfers out of the obligated group to support physician losses. The bonds are expected to receive a 'AAA' rating based on insurance. The newly created obligated group includes 425-staffed bed Community Memorial Hospital of Toms River (also known as Community Medical Center in Toms River; rated 'A+'); 248-staffed bed Kimball Medical Center in Lakewood (rated 'BBB-', positive
