Kroll Bond Rating Agency (KBRA) has taken the following rating actions relating to the New Jersey Economic Development Authority (NJEDA):

  • Assigned long-term rating of A- and Stable Outlook to the State Lease Revenue Bonds (State Government Buildings – Health Department and Taxation Division Office Project), 2018 Series A.
  • Assigned long-term rating of A- and Stable Outlook to the State Lease Revenue Bonds (State Government Buildings – Health Department, Taxation Division Office and Juvenile Justice Commission Facilities Projects), 2018 Series B (Federally Taxable).
  • Assigned long-term rating of A- and Stable Outlook to the State Lease Revenue Bonds (State Government Buildings – Juvenile Justice Commission Facilities Project), 2018 Series C.
  • Affirmed long-term rating of A- and Stable Outlook on the State Lease Revenue Bonds (Liberty State Park Project), 2015 Series A.

KBRA has additionally taken the following related rating actions:

  • Affirmed long-term rating of A and Stable Outlook on the State of New Jersey’s outstanding general obligation bonds.
  • Affirmed the long-term rating of A- and Stable Outlook on the New Jersey Educational Facilities Authority’s (NJEFA) outstanding Revenue Bonds, Higher Education Capital Improvement Fund Issues.

KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.

The ratings on the NJEDA’s State Lease Revenue Bonds 2018 Series A, B and C and the above referenced NJEDA and NJEFA bonds are based on the State’s long-term general obligation rating and evaluation of the factors discussed in KBRA’s U.S. State Annual Appropriation Obligation Rating Methodology. The State’s general obligation rating is based on KBRA’s U.S. State General Obligation Rating Methodology. Additional information pertaining to the State’s general obligation rating may be found in KBRA’s State of New Jersey General Obligation Bonds surveillance report published December 11, 2017.

To access the full report, click here.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.