Summary: New Jersey Health Care Facilities Financing Authority Holy Name Medical Center; Hospital Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB-' long-term rating on the series 2010 and 2006 bonds issued by New Jersey Health Care Facilities Financing Authority for Holy Name Medical Center (HNMC) (formerly known as Holy Name Hospital). The rating reflects our view of HNMC's thin operating margins in the past few fiscal years that have generated sufficient debt service coverage and an adequate balance sheet for the rating. More specifically, the 'BBB-' rating reflects our assessment of HNMC's: Slightly improved audited operating performance in fiscal 2010 though operating profitability remains very thin and negative if adjusted for the employed physicians; Adequate balance sheet characterized by average liquidity in terms of days' cash on hand, weak cash to debt,...

Companies mentioned in this report are:
- Holy Name Med Ctr
- New Jersey Hlth Care Facs Fincg Auth

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Holy Name Med Ctr
- New Jersey Hlth Care Facs Fincg Auth

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