Summary: Summit, New Jersey; General Obligation
Standard & Poors, April 2011
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.
Abstract
Standard & Poor's Ratings Services has assigned its 'AAA' long-term rating to Summit, N.J.'s series 2011A and series 2011B refunding bonds. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating on the city's previously issued general obligation (GO) bonds. The outlook is stable. The 'AAA' rating reflects our view of the city's: Stable regional economic center enhanced by its accessibility to New York City, Very strong income and extremely strong property wealth, Continued strong financial performance characterized by a very strong available fund balance, and Manageable debt burden with rapid amortization. Unlimited ad valorem taxes secure the bonds, which are general obligations of the city. The New Jersey Fund for the Support of Free Public Schools provides...
Companies mentioned in this report are: Summit
Action: Affirmed
Summit
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