New Jersey Additional State Aid Bonds Program Rating Withdrawn - S&P Global Ratings’ Credit Research

New Jersey Additional State Aid Bonds Program Rating Withdrawn

New Jersey Additional State Aid Bonds Program Rating Withdrawn - S&P Global Ratings’ Credit Research
New Jersey Additional State Aid Bonds Program Rating Withdrawn
Published Feb 23, 2018
3 pages (1238 words) — Published Feb 23, 2018
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Feb. 23, 2018--S&P Global Ratings has withdrawn its state enhancement program rating on the New Jersey Additional State Aid Bonds Program (previously rated BBB+/Stable). No issue ratings will change as a result, because all local issuers under this program currently carry higher ratings than the state program rating. Furthermore, neither of our ratings on New Jersey's other state enhancement programs--the Support of Free Public Schools and the Qualified Bond Program--is affected by this action. The withdrawal reflects an analytical error in S&P Global Ratings' understanding of the workings of the program. As part of a routine portfolio review, we requested and received information from the State of New Jersey that provided clarity on program mechanisms.

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Feb. 23, 2018--S&P Global Ratings has withdrawn its state enhancement program rating on the New Jersey Additional State Aid Bonds Program (previously rated ###+/Stable). No issue ratings will change as a result, because all local issuers under this program currently carry higher ratings than the state program rating. Furthermore, neither of our ratings on New Jersey's other state enhancement programs--the Support of Free Public Schools and the Qualified Bond Program--is affected by this action. The withdrawal reflects an analytical error in S&P Global Ratings' understanding of the workings of the program. As part of a routine portfolio review, we requested and received information from the State of New Jersey that provided clarity on program mechanisms. The state appropriates state aid for its agreed-upon portion of qualifying county college bonds, which it transfers to the participating county in order for the county to pay its debt service. Aid provided by...

  
Report Type:

Ratings Action

Issuer
Monmouth Cnty
Sector
Public Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "New Jersey Additional State Aid Bonds Program Rating Withdrawn" Feb 23, 2018. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/New-Jersey-Additional-State-Aid-Bonds-Program-Rating-Withdrawn-1998061>
  
APA:
S&P Global Ratings’ Credit Research. (). New Jersey Additional State Aid Bonds Program Rating Withdrawn Feb 23, 2018. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/New-Jersey-Additional-State-Aid-Bonds-Program-Rating-Withdrawn-1998061>
  
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