S&P Global Ratings assigned its 'AA' long-term rating to the Hudson County Improvement Authority, N.J.'s approximately $32.0 million series 2023 county-secured lease revenue bonds. The outlook is stable. The county-secured lease revenue bonds are secured by rental payments by Hudson County, which has an absolute and unconditional obligation to make rental payments that we rate consistently with the county's long-term general obligation (GO) rating. Hudson County's general creditworthiness reflects our view of the county's strong economy, with a growing property tax base and favorable accessibility within the New York City metropolitan statistical area (MSA). Management estimates that the county added approximately $10 million to its current fund balance in fiscal 2022, which contributes significantly to our stable outlook, considering that
