Transaction Update: New Jersey Economic Development Authority ? Series B Mar 12
Standard & Poors, March 2012
Abstract
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
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
New Jersey Econ Dev Auth
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