...Standard & Poor's Ratings Services assigned its '##' long-term rating to Hudson County Improvement Authority, N.J.'s series 2016 (vocational-technical school project) lease revenue bonds issued for Hudson County. At the same time, we affirmed our '##' 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 '##-' rating on the county's appropriation-backed debt. The outlook on all the ratings is stable. The 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 on the bonds under a lease agreement. The obligations of the county to make these payments are absolute and unconditional and if not paid from other sources, are payable from tax revenue collected pursuant to the unlimited ad valorem taxing power of the county. Hudson County's unconditional and irrevocable...
