Summary: New Jersey Turnpike Authority; Toll Roads Bridges Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'A+' rating to the New Jersey Turnpike Authority's (NJTA) series 2011 revenue bonds. At the same time, Standard & Poor's affirmed it 'A+' rating on the authority's revenue bonds outstanding. The outlook is stable. Under a bondholder purchase agreement, Citibank N.A. will purchase series 2011 bonds in their entirety, which are on par with NJTA's bonds outstanding. The 2011 bonds will redeem 2003C-2 and 2003C-3 with variable-rate demand obligations, which are in a weekly mode and supported by a Dexia Bank S.A. liquidity facility. NJTA's debt outstanding totaled $8.42 billion as of Dec. 31, 2010. The 'A+' rating reflects our assessment of the toll roads' essential position, combined with a stable operating...

Companies mentioned in this report are:
- New Jersey Tpk Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

- New Jersey Tpk Auth

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