Moody's ups N.J.'s Pivotal Utility bonds to Aaa

Moody's Investors Service said it upgraded to Aaa from A3 the long-term rating of the New Jersey Economic Development Authority's gas facilities refunding revenue bonds (Pivotal Utility Holdings, Inc. Project), series 2007, and assigned a short-term rating of VMIG1 to the bonds.

The short-term rating is in connection with the delivery of an irrevocable, direct-pay letter of credit provided by Wells Fargo Bank, NA to support the payment of principal, interest and purchase price of the bonds and the scheduled remarketing of the bonds. Both events are scheduled to occur on June 5.

Sale of the $54.6 million of bonds is expected on June 4.

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