- Published: May 2012
- Region: New Jersey, United States
Summary: Summit, NJ; General Obligation, Local GO
- Published: May 2000
- Region: New Jersey
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
The rating on Summit, N.J.'s bonds reflects: A regional economic center that is enhanced by its accessibility to New York City, Very high wealth indicators, Steady tax base growth, A strong financial position, and A manageable debt burden with a rapid amortization schedule. The bonds are general obligations of the city of Summit and are secured by its full faith and credit pledge. Additionally, the school bonds, which are part of this issue, are further secured by the school bond reserve established in the Fund for the Support of Free Public Schools of the State of New Jersey. Summit is located in Union County ('AA+' rating), about 25 miles west of New York City. The city's population totals about 20,000....
Companies mentioned in this report are: Summit
Action: New Rating
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