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Bergen County Utility Authority, NJ 2011A Revenue Refunding Bonds Assigned 'AA-' Rating; Other Ratings Affirmed Sep 11
Standard & Poors, Sep 2011
Abstract
NEW YORK (Standard & Poor's) Sept. 13, 2011--Standard & Poor's Ratings Services assigned its 'AA-' rating to Bergen County Utility Authority (BCUA), N.J.'s series 2011A water pollution control system revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating on BCUA's water pollution control system revenue bonds, which are on par with the proposed bonds. The outlook is stable. 'In part, the rating reflects our view of the authority's very strong service area economy, and the strong likelihood that debt service payment will come from the contractual obligation requirements of BCUA's service contracts,' said Standard & Poor's credit analyst Joseph Pezzimenti. 'The rating also reflects our assessment of a rate covenant that contains a step-up provision...
Companies mentioned in this report are: Bergen Cnty Util Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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