...August 29, 2023 NEW YORK (S&P Global Ratings) Aug. 29, 2023--S&P Global Ratings today lowered its rating on New Jersey Health Care Facilities Financing Authority's $14.97 million revenue bonds series 2009 due July 1, 2038, to '###/A-2' from '###+/A-2'. Today's rating action reflects the Aug. 21, 2023, lowering of our long-term issuer credit ratings on Valley National Bank to '###/A-2' from '###+/A-2' (see "Valley National Bancorp Lowered To '###-' On Funding Pressures; Outlook Stable," published Aug. 21, 2023). The long- and short-term components of our rating on the bond is based on our long- and short-term issuer credit ratings on Valley National Bank ('###/A-2'), the letter of credit (LOC) provider. The long-term component of our ratings on the bonds address the likelihood, in our view, of full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term component of our rating address our expectation of full and timely interest...
