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Summary: Morristown Parking Authority, New Jersey Morristown; General Obligation Nov 10 Product Image

Summary: Morristown Parking Authority, New Jersey Morristown; General Obligation Nov 10

  • ID: 2046923
  • November 2010
  • Region: New Jersey
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Morristown Parking Authority, N.J.'s series 2010 guaranteed parking revenue bonds, issued for Morristown, N.J., and affirmed its 'AA' rating, with a stable outlook, on the town's existing general obligation (GO) debt. The rating reflects the security provided by the town's GO pledge. The rating also reflects our view of the town's: Access to New York City's and northern New Jersey's deep, diverse labor markets; Very strong income and wealth levels; Good financial position; and Low overall debt burden and rapid principal amortization. Officials plan to use bond proceeds to current refund the authority's series 2002 and 2004 guaranteed revenue bonds outstanding and fund a debt service reserve...

Companies mentioned in this report are: Morristown,Morristown Pkg Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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