Summary: New Jersey Economic Development Authority New Jersey; Miscellaneous Tax Mar 11
- ID: 1577138
- March 2011
- Region: New Jersey
- Standard & Poors
Standard & Poor's Ratings Services has affirmed its 'BBB' rating on New Jersey Economic Development Authority's (EDA) cigarette tax revenue bonds, issued for New Jersey. The outlook is stable. The rating reflects our assessment of the following credit characteristics: The absence of a lien or security interest in the pledged revenues; A volatile and declining revenue stream that is subject to numerous factors, which produce weak coverage of maximum annual debt service by available revenues; A maturity scheduled that extends through 2034; and The lack of any effective non-impairment language, which failed to prevent the diversion of cigarette tax revenues with the passage of the fiscal 2007 budget; however, amendatory legislation later corrected this. Factors that we believe partially mitigate...
Companies mentioned in this report are:
- New Jersey
- New Jersey Econ Dev Auth
Action: Outlook: Stable
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