KBRA Releases Report Assigning A Rating with Stable Outlook to New Jersey COVID-19 GO Emergency Bonds, 2020 Series A and 2020 Series B (Federally Taxable)

NEW YORK–(BUSINESS WIRE)–On November 4, 2020 Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A with a Stable Outlook to the State of New Jersey: New Jersey COVID-19 General Obligation Emergency Bonds, 2020 Series A and New Jersey COVID-19 General Obligation Emergency Bonds, 2020 Series B (Federally Taxable).

KBRA additionally affirmed the long-term rating of A with a Stable Outlook on the State’s outstanding General Obligation Bonds.

Lastly, KBRA affirmed the long-term rating of A- with a Stable Outlook on the following New Jersey Economic Development Authority (NJEDA), New Jersey Educational Facilities Authority (NJEFA), and New Jersey Transportation Trust Fund Authority (NJTTFA) bonds:

• NJEDA State Lease Revenue Bonds (State Government Buildings – Health Department and Taxation Division Office Project), 2018 Series A;
• NJEDA State Lease Revenue Bonds (State Government Buildings – Health Department, Taxation Division Office and Juvenile Justice Commission Facilities Projects), 2018 Series B (Federally Taxable);
• NJEDA State Lease Revenue Bonds (State Government Buildings – Juvenile Justice Commission Facilities Project), 2018 Series C;
• NJEDA State Lease Revenue Refunding Bonds (Liberty State Park Project), 2015 Series A;
• NJEFA Revenue Bonds, Higher Education Capital Improvement Fund Issues;
• NJTTFA Transportation Program Bonds, 2019 Series AA;
• NJTTFA Transportation Program Notes (Fixed Rate), 2014 Series BB-1;
• NJTTFA Transportation Program Bonds, 2019 Series

Click here to view the report. To access ratings and relevant documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.

Contacts

Analytical Contacts
Paul Kwiatkoski, Managing Director (Lead Analyst)

+1 (646) 731-2387

pkwiatkoski@kbra.com

Peter Scherer, Associate

+1 (646) 731-2325

pscherer@kbra.com

Karen Daly, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2347

kdaly@kbra.com

Business Development Contact
Bill Baneky, Managing Director

+1 (646) 731-2409

bbaneky@kbra.com

James Kissane, Senior Director

+1 (213) 806-0026

jkissane@kbra.com