Standard & Poor’s raised its underlying rating on various bonds issued by the New Jersey Health Care Facilities Financing Authority for Saint Barnabas Corp. to BBB from BBB-minus.
Fitch Ratings raised its rating to BBB. Moody’s Investors Service had upgraded the health care organization to Baa3 in February.
Based on application of its joint criteria, S&P also raised its rating to AAA/A-1 plus from AA-plus/A-1 plus, on the Series 2001 bonds the authority issued for Saint Barnabas.
In addition, the agency assigned a BBB rating to $286.7 million of Series 2011 fixed-rate bonds the authority issued for Saint Barnabas, which is New Jersey’s largest health care system with about 3,000 beds at six hospitals.
S&P cited dramatically higher earnings, its presence as New Jersey’s largest health care system, and reduced debt.