Fitch gives underlying A+ to N.J. bonds

Fitch Ratings said it assigned underlying A+ ratings to $1.132 billion of New Jersey Economic Development Authority's school facilities construction refunding bonds, 2008 series V.

The issue consists of $63.945 million of subseries V-1, $301.47 million of subseries V-2, $231 million of subseries V-3, $250.635 million of subseries V-4 and $284.975 million of subseries V-5.

The five subseries will be supported by separate irrevocable bank letters of credit, and Fitch said it will assign ratings based on those letters of credit separately.

At the same time, Fitch said it affirmed the A+ rating on $6.7 billion of outstanding school facilities construction parity bonds.

The outlook is stable.

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