Newark Housing Authority's Series 2017 Refunding Bonds Rated 'AA-'; Outlook Is Stable

NEW YORK (S&P Global Ratings) June 13, 2017--S&P Global Ratings has assigned its 'AA-' long-term rating to Newark Housing Authority (NHA or the authority), N.J.'s pro forma $58.53 million series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds. The outlook is stable. Annual payments from the Port Authority of New York and New Jersey (PANYNJ), together with money held in the debt service reserve fund, secure the proposed bonds. "The 'AA-' rating on the authority's bonds reflects our assessment of PANYNJ's strong general creditworthiness, and that we consider the lease payments to be an operating expense of PANYNJ and are not subject to any appropriation risk," said S&P Global Ratings credit analyst Joseph Pezzimenti. The $12.5 million lease

...NEW YORK (S&P Global Ratings) June 13, 2017--S&P Global Ratings has assigned its '##-' long-term rating to Newark Housing Authority (NHA or the authority), N.J.'s pro forma $58.53 million series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds. The outlook is stable. Annual payments from the Port Authority of New York and New Jersey (PANYNJ), together with money held in the debt service reserve fund, secure the proposed bonds. "The '##-' rating on the authority's bonds reflects our assessment of PANYNJ's strong general creditworthiness, and that we consider the lease payments to be an operating expense of PANYNJ and are not subject to any appropriation risk," said S&P Global Ratings credit analyst Joseph Pezzimenti. The $12.5 million lease payment securing the bonds is part of the PANYNJ's annual operating expenses before depreciation and amortization, which totaled about $3 billion in 2016. The bond proceeds will be used in the current refunding of...

Ratings Action