Gloucester County Improvement Authority, New Jersey Gloucester County; Tax Secured, General Obligation Feb 04

  • ID: 2033100
  • February 2004
  • Region: New Jersey
  • Standard & Poors
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  • Gloucester Cnty
  • Gloucester Cnty Imp Auth
  • MORE

The 'AA-' rating on Gloucester County Improvement Authority, N.J.'s county-guaranteed, lease-revenue, refunding bonds series 2004A, issued for Gloucester County, is directly related to Gloucester County's unconditional guaranty to pay principal and interest, should lease payments be insufficient. The 'AA-' rating reflects the county's: Access to employment opportunities throughout the Philadelphia metropolitan area; Steady growth in the tax base; Continued sound financial performance; and Low net debt burden. Above-average carrying charges and a sizeable capital improvement plan mitigate the above strengths. Proceeds from this issue will go towards refunding the county's series 1999B bonds, 1999C bonds, and series 2000A bonds. The county, under a lease-purchase agreement, will lease land and existing improvements from the improvement authority, and make lease payments subject...

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

Action: New Rating

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- Gloucester Cnty
- Gloucester Cnty Imp Auth

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