New ETF Book by Larry Connors - Click here to read more
The rating is based on the joint support of an irrevocable, direct-pay letter of credit provided by US financial services firm JPMorgan Chase (NYSE:JPM) and the pledged support of the authority, which has an underlying rating (SPUR) of AA- with a "stable" outlook.
The SPUR reflects the general creditworthiness of the state of New Jersey, its long-standing commitment to include annual debt service appropriations within the state budget for contractually backed indebtedness and the authority's critical role in financing transportation needs in New Jersey.
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