...S&P Global Ratings assigned its 'SP-1+' short-term rating to Hudson County Improvement Authority, N.J.'s $18.961 million series 2021A county-guaranteed pooled notes: tax-exempt series 2021 A-1 notes and federally taxable series 2021 A-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 and its ongoing disclosure to market participants. The series 2021A 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 also secures the authority's...
