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 2017C county-guaranteed pooled notes, consisting of the tax exempt series 2017 C-1 notes and federally taxable series 2017 C-2 notes. At the same time, S&P Global Ratings affirmed its 'AA' rating on Hudson County's general obligation (GO) debt outstanding, its 'AA' rating on the authority's GO-backed debt outstanding, and its 'AA-' rating on the county's appropriations-backed obligations outstanding. The outlook on the long-term ratings is stable. The series 2017C 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

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Hudson County Improvement Authority, N.J.'s series 2017C county-guaranteed pooled notes, consisting of the tax exempt series 2017 C-1 notes and federally taxable series 2017 C-2 notes. At the same time, S&P Global Ratings affirmed its '##' rating on Hudson County's general obligation (GO) debt outstanding, its '##' rating on the authority's GO-backed debt outstanding, and its '##-' rating on the county's appropriations-backed obligations outstanding. The outlook on the long-term ratings is stable. The series 2017C 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 Union City, the City of Bayonne, the Township of Weehawken,...

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