Summary: North Jersey District Water Support Commission; Water/Sewer Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'A+' long-term rating to North Jersey District Water Support Commission's Wanaque North Project revenue bonds. The outlook is stable. We based the rating on our view of the underlying general creditworthiness of the municipal members that participate in the project. The rating reflects our opinion of the following credit strengths: A diverse and stable service area economy with accessibility to the New York City metropolitan area; Good income levels; The commission's 100% collection rate from member municipalities, bolstered by service contract payments that are unconditional and not subject to offset; Autonomous rate-setting ability; and Solid financial performance with good debt service coverage and strong liquidity position. Tempering the above strengths is a...

Companies mentioned in this report are: North Jersey Dist Wtr Supp Com
Action: Affirmed
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.

North Jersey Dist Wtr Supp Com

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