Summary: Gloucester County, New Jersey; General Obligation; Note; School State Program Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'SP-1+' short-term rating to Gloucester County, N.J.'s general obligation (GO) bond anticipation notes (BANs) series 2011 and affirmed its 'AA+' ratings on the county's GO-backed bonds. The outlook on the long-term rating is stable. The short-term note rating reflects our revised criteria for evaluating and rating BANs. In our opinion, the county maintains a very strong capacity to pay principal and interest when the notes come due. The county maintains a low market risk profile as it maintains the legal authority to issue long-term debt to take out the notes and is a frequent issuer that regularly provides ongoing disclosure to market participants. The notes will be general obligations of the county,...

Companies mentioned in this report are:
- Gloucester Cnty
- Gloucester Cnty Util Auth
- Gloucester Cnty Imp 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.

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.

- Gloucester Cnty
- Gloucester Cnty Util Auth
- Gloucester Cnty Imp Auth

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