...S&P Global Ratings assigned its '##' rating to Passaic County Improvement Authority, N.J.'s series 2018 general obligation (GO) lease revenue bonds. We also affirmed our '##' rating on Passaic County's GO debt outstanding. The outlook is stable. The bonds are secured by revenues of the authority from county lease payments, payable from ad valorem taxes against all taxable property within the county and not subject to appropriation. The bonds are additionally secured by the unconditional and irrevocable GO pledge of Passaic County. Our rating is based on the county's full faith and credit pledge ultimately securing the bonds. We understand proceeds will be used to finance construction of a new facility for the county's department of public works. The GO bonds outstanding are secured by the county's full-faith and GO credit pledge. The '##' long-term rating reflects our view of the county's: + Strong economy, with access to a broad and diverse metropolitan statistical area (MSA); + Strong...
