Summary: Hudson County, New Jersey Hudson County Improvement Authority; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to the Hudson County Improvement Authority, N.J.'s $35.344 million series 2022A-1 tax-exempt county-guaranteed pooled note and $4.936 million series 2022A-2 taxable county-guaranteed pooled notes. The 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 notes. The county's obligation is absolute and unconditional, secured by its full-faith-and-credit GO pledge payable from ad valorem taxes, which it could assess on all taxable property within its borders, without limitation as to

...S&P Global Ratings assigned its 'SP-1+' short-term rating to the Hudson County Improvement Authority, N.J.'s $35.344 million series 2022A-1 tax-exempt county-guaranteed pooled note and $4.936 million series 2022A-2 taxable county-guaranteed pooled notes. The 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 notes. The county's obligation is absolute and unconditional, secured by its full-faith-and-credit GO pledge payable from ad valorem taxes, which it could assess on all taxable property within its borders, without limitation as to rate or amount. The county's GO long-term rating remains '##'. The short-term rating reflects our opinion...

Summary