...S&P Global Ratings assigned its 'SP-1+' short-term rating to Hudson County, N.J.'s bond anticipation notes (BANs). At the same time, S&P Global Ratings assigned its '##' rating, and stable outlook, to the county's energy savings obligation refunding bonds. 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 county's obligation is absolute and unconditional, and is secured by its full faith and credit general obligation (GO) pledge. Note proceeds will be used to roll over previously issued notes that mature on Dec. 12, 2018, as well as to provide $42.7 million in new money to fund various capital improvements in the county. The energy savings obligation refunding bonds are a GO of the county, secured by a pledge of...
