S&P Global Ratings assigned its 'AA' rating and stable outlook to Hudson County Improvement Authority, N.J.'s series 2020 federally taxable county-secured lease revenue bonds (the Casino-in-the-Park project), issued for Hudson County. The bonds are a special obligation of the authority, payable from and secured by rental payments made by the county to the authority that are sufficient to pay bond debt service under a lease agreement; the county's obligation to make these payments is absolute and unconditional. If the county cannot make these payments from other sources, however, they are payable from tax revenue collected pursuant to its unlimited-ad valorem-taxing power. The county's unconditional and irrevocable GO guarantee ultimately secures the bonds, and the rating reflects that. The county's full-faith-credit-and-unlimited-ad
