Standard & Poor’s yesterday dropped New Jersey’s largest health care provider, Saint Barnabas Health Care System to BB-plus from BBB-minus, affecting more than $800 million of outstanding debt. The outlook is negative.

Standard & Poor’s also affirmed its AA-plus rating on Saint Barnabas’ $34.4 million Series 2001A variable-rate bonds that carry a letter of credit from JPMorgan Chase Bank NA. That double-A rating is based on a joint criteria of both the health care provider and the bank’s credit ratings.

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