Summary: Hudson County Improvement Authority, New Jersey Hudson County; Appropriations; General Obligation; General Obligation Equivalent Security; Note; School State Program

S&P Global Ratings assigned its 'SP-1+' short-term rating to Hudson County Improvement Authority, N.J.'s series 2016C county-guaranteed pooled notes, consisting of the tax exempt series 2016 C-1 notes and federally taxable series 2016 C-2 notes. At the same time, we affirmed our 'AA' rating on Hudson County's existing general obligation (GO) debt and the authority's existing GO-backed debt, and our 'AA-' rating on the county's outstanding appropriations-backed obligations. The outlook on the long-term ratings is stable. The series 2016C governmental-pooled notes are a direct and special obligation of the authority. The notes are secured by those revenues of the authority derived from the loan repayments made by these municipal borrowers pursuant to the borrower notes the authority purchased. We understand

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Hudson County Improvement Authority, N.J.'s series 2016C county-guaranteed pooled notes, consisting of the tax exempt series 2016 C-1 notes and federally taxable series 2016 C-2 notes. At the same time, we affirmed our '##' rating on Hudson County's existing general obligation (GO) debt and the authority's existing GO-backed debt, and our '##-' rating on the county's outstanding appropriations-backed obligations. The outlook on the long-term ratings is stable. The series 2016C governmental-pooled notes are a direct and special obligation of the authority. The notes are secured by those revenues of the authority derived from the loan repayments made by these municipal borrowers pursuant to the borrower notes the authority purchased. We understand officials plan to use note proceeds to, among other things, provide funds to make loans to the city of Union City, the township of Weehawken, the town of West New York, and to the Parking...

Summary