Summary: Summit, NJ; General Obligation, Local GO Oct 98

  • ID: 1714495
  • October 1998
  • Region: New Jersey
  • Standard & Poors
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The rating on Summit, N.J.'s bonds reflects: * A regional economic center that is enhanced by its accessibility to New York City; * Low unemployment; * Very high wealth indicators; * Steady tax base growth; * A strong financial position; and * A manageable debt burden with a rapid amortization schedule. Summit is a net importer of jobs and continues to develop as an economic hub of Union County, N.J. In addition, the city's accessibility to New York, enhanced by NJ Transit's railroad and bus lines, provides broader employment opportunities for area residents. A recent addition to the city's leading employer list is First Union National Bank Corp. with 500 employees. Summit's expanding local employment base, coupled with access to...

Companies mentioned in this report are:
- Summit

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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