...S&P Global Ratings assigned its 'SP-1+' short-term rating to the Hudson County Improvement Authority, N.J.'s series 2020C county-guaranteed pooled notes, consisting of the tax-exempt series 2020 C-1 notes, series 2020C-1B, and federally taxable series 2020 C-2 notes. The short-term rating reflects our opinion of Hudson County's general creditworthiness and market risk profile, which we consider low. The low market risk profile reflects our view of the county's strong legal authority to issue long-term debt to take out the notes, as well as its ongoing disclosure to market participants. The series 2020C governmental-pooled notes are a direct and special obligation of the authority, secured by authority revenue from loan repayments made by municipal borrowers pursuant to borrower notes the authority purchased. Each loan agreement represents a full-faith-and-credit obligation of the respective municipality. However, Hudson County's unconditional and irrevocable general obligation (GO) guarantee...
