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KBRA Releases Rating Report Assigning A- Rating and Stable Outlook to NJTTFA Transportation Program Bonds, 2019 Series AA
[January 07, 2019]

KBRA Releases Rating Report Assigning A- Rating and Stable Outlook to NJTTFA Transportation Program Bonds, 2019 Series AA


On January 4, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A- and Stable Outlook to the New Jersey Transportation Trust Fund Authority's (NJTTFA) Transportation Program Bonds, 2019 Series AA.

KBRA additionally affirmed the long-term rating of A and Stable Outlook on the State of New Jersey's General Obligation Bonds.

Lastly, KBRA affirmed the long-term rating of A- and Stable Outlook on the following New Jersey Economic Development Authority (NJEDA) and New Jersey Educational Facilities Authority (NJEFA) bonds:

  • NJEDA State Lease Revenue Bonds (State Government Buildings - Health Department and Taxation Division Office Project), 2018 Series A;
  • NJEDA State Lease Revenue Bonds (State Government Buildings - Health Department, Taxation Division Office and Juvenile Justice Commission Facilities Projects), 2018 Series B (Federally Taxable);
  • NJEDA State Lease Revenue Bonds (State Government Buildings - Juvenile Justice Commission Facilities Project), 2018 Series C;
  • NJEDA State Lease Revenue Refunding Bonds (Liberty State Park Project), 2015 Series A;
  • NJEFA Revenue Bonds, Higher Education Capital Improvement Fund Issues.




 
Issuer: New Jersey Transportation Trust Fund Authority
Assigned     Rating     Outlook
Transportation Program Bonds,
2019 Series AA
    A-     Stable
             
Issuer: State of New Jersey
Affirmed     Rating     Outlook
General Obligation Bonds     A     Stable
             
Issuer: New Jersey Economic Development Authority
Affirmed     Ratings     Outlook
State Lease Revenue Bonds
(State Government Buildings -
Health Department and Taxation Division Office Project),
2018 Series A
    A-     Stable
State Lease Revenue Bonds
(State Government Buildings -
Health Department, Taxation Division Office
and Juvenile Justice Commission Facilities Projects),
2018 Series B (Federally Taxable)
    A-     Stable
State Lease Revenue Bonds
(State Government Buildings -
Juvenile Justice Commission Facilities Project),
2018 Series C
    A-     Stable
State Lease Revenue
Refunding Bonds (Liberty State Park Project),
2015 Series A
    A-     Stable
             
Issuer: New Jersey Educational Facilities Authority
Affirmed     Rating     Outlook
Revenue Bonds, Higher Education Capital Improvement Fund Issues     A-     Stable
       

The rating on the State's General Obligation Bonds is based on KBRA's U.S. State General Obligation Rating Methodology. The ratings on the specified NJTTFA, NJEDA, and NJEFA bonds are based on the State's long-term general obligation rating and an evaluation of the factors discussed in KBRA's U.S. State Annual Appropriation Obligation Rating Methodology and are rated one notch below the State's general obligation bonds.

To read the full report, click here.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.


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