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

S&P Global Ratings assigned its 'AA' long-term rating to the Hudson County Improvement Authority, N.J.'s series 2020 county secured lease revenue bonds (Hudson County Courthouse Project). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on Hudson County's general obligation (GO) debt outstanding and county-guaranteed GO-backed debt outstanding, previously issued by the authority. In addition, we affirmed our 'AA-' long-term rating and SPUR on the county's appropriation-backed obligations. The outlook is stable. The county-secured lease revenue bonds are secured by rental payments by the county, as lessee, to the authority under a lease agreement where basic rent payments are equal to the amount of principal and interest on the bonds, and are required

...S&P Global Ratings assigned its '##' long-term rating to the Hudson County Improvement Authority, N.J.'s series 2020 county secured lease revenue bonds (Hudson County Courthouse Project). At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on Hudson County's general obligation (GO) debt outstanding and county-guaranteed GO-backed debt outstanding, previously issued by the authority. In addition, we affirmed our '##-' long-term rating and SPUR on the county's appropriation-backed obligations. The outlook is stable. The county-secured lease revenue bonds are secured by rental payments by the county, as lessee, to the authority under a lease agreement where basic rent payments are equal to the amount of principal and interest on the bonds, and are required to be paid by the county 10 days prior to the debt service due date. The county's obligation to make rental payments is absolute and unconditional and, if not paid by other sources, shall...

Summary