New Jersey officials are holding out for better market conditions on a $169 million Solaris Health System refinancing that's part of the state's Hospital Asset Transformation Program.

The New Jersey Health Care Facilities Financing Authority will most likely issue the debt early next year on behalf of Solaris. The deal will benefit from the state's appropriation pledge, one notch below its double-A general obligation ratings. The health care provider will need the boost as Standard & Poor's and Moody's Investors Service rate a portion of Solaris' debt below investment grade.

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