Fitch rates N.J. school bonds underlying A+

Fitch Ratings said it assigned an underlying A+ rating to the New Jersey Economic Development Authority's $250 million school facilities construction bonds, 2008 series X.

The 2008 series X bonds are being issued to provide new money to finance school facilities construction projects in connection with about $200 million in fixed-rate school facilities construction bonds, 2008 series Y, offered last week. The 2008 series X bonds, which mature on Sept. 1, 2033, will be issued as weekly variable-rate demand bonds supported by an irrevocable letter of credit.

Bond settlement is expected around June 3.

Simultaneously, Fitch affirmed the A+ rating on the authority's $6.6 billion outstanding school facilities construction parity bonds. The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.