...S&P Global Ratings has withdrawn its state enhancement program rating on the New Jersey Additional State Aid Bonds Program (previously rated ###+/Stable). No issue ratings will change as a result, because all local issuers under this program currently carry higher ratings than the state program rating. Furthermore, neither of our ratings on New Jersey's other state enhancement programs--the Support of Free Public Schools and the Qualified Bond Program--is affected by this action. The withdrawal reflects an analytical error in S&P Global Ratings' understanding of the workings of the program. As part of a routine portfolio review, we requested and received information from the State of New Jersey that provided clarity on program mechanisms. The state appropriates state aid for its agreed-upon portion of qualifying county college bonds, which it transfers to the participating county in order for the county to pay its debt service. Aid provided by the state is sufficient only for the qualifying...
