Standard&Poor's Ratings Services assigned its 'AA' rating to Passaic County Improvement Authority, N.J.'s series 2013 lease revenue refunding bonds supported by Passaic County. The outlook is stable. The county's unconditional and irrevocable general obligation guarantee ultimately secures the bonds. Officials intend to use bond proceeds to refund certain maturities of the authority's lease revenue bonds. The rating reflects what we view as Passaic County's: Participation in, and commuting access throughout, the New York City metropolitan area; Very diverse property tax base, characterized by very strong wealth and good income; Strong finances, marked by conservative budgeting, bringing about a consistently solid fund balance, coupled with revenue-raising flexibility under the state's 2% cap; and Low overall debt with a manageable
