- Language: English
- 227 Pages
- Published: May 2011
- Region: Europe, Global, United Kingdom, United States
Transaction Update: New Jersey Economic Development Authority ? Series B Mar 12
- Published: March 2012
- Region: New Jersey
- Standard & Poors
On March 15, 2012, Standard & Poor's Ratings Services lowered its rating on New Jersey Economic Development Authority?s thermal energy facilities revenue bonds series B (for the Marina Energy LLC 2001 project) due Sept. 1, 2021, to 'A+/A-1' from 'AA-/A-1+' following the replacement of the irrevocable direct-pay letter of credit (LOC) that Wells Fargo Bank N.A. ('AA-/A-1+') had provided with a new LOC from JPMorgan Chase Bank N.A. ('A+/A-1'). The 'A+/A-1' rating reflects our opinion of the credit and liquidity support that JPMorgan Chase Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, JPMorgan Chase Bank N.A. fully supports all bond payment obligations when the bonds are in the weekly interest rate reset mode. Therefore,...
Companies mentioned in this report are: New Jersey Econ Dev Auth
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New Jersey Econ Dev Auth