S&P Global Ratings assigned its 'AA' long-term rating to Hudson County Improvement Authority, N.J.'s series 2016 county-secured lease revenue refunding bonds issued for Hudson County. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the county's existing general obligation (GO) debt, as well as the authority's existing debt issued for the county. We also affirmed the 'AA-' rating on the county's appropriation-backed debt and the 'SP-1+' rating on the county's guaranteed pooled notes and outstanding bond anticipation notes. The outlook on all the ratings is stable. The 2016 bonds are special obligations of the authority payable from and secured by rental payments made by the county to the authority, sufficient to pay debt service
