Kroll Bond Rating Agency Assigns Long-Term Rating of A- with Stable Outlook to the New Jersey Educational Facilities Authority Revenue Bonds, Higher Education Capital Improvement Fund Issue, Series 2016B and Series 2016C Bonds

NEW YORK--(BUSINESS WIRE)--

Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of A- with a Stable Outlook to the New Jersey Educational Facilities Authority (the "Authority" or "NJEFA") Revenue Bonds, Higher Education Capital Improvement Fund Issue, Series 2016B and Series 2016C Bonds. The issuance of the Bonds is expected to be approximately $146 million. KBRA has also assigned a long-term rating of A- with a Stable Outlook to all outstanding parity NJEFA Higher Education Capital Improvement Fund Bonds, excluding Bonds backed by a letter of credit or liquidity facility.

KBRA also affirms the long-term rating of A with a Stable Outlook on the State's outstanding General Obligation Bonds, excluding Bonds backed by a letter of credit or liquidity facility.

KBRA also affirms the long-term rating of A- with a Stable Outlook to the State of New Jersey Economic Development Authority's State Lease Revenue Refunding Bonds (Liberty State Park Project), 2015 Series A bonds.

The New Jersey Educational Facilities Authority Revenue Bonds, Higher Education Capital Improvement Fund Issue, Series 2016B and Series 2016C and the Economic Development Authority's State Lease Revenue Refunding Bonds (Liberty State Park Project) 2015 Series A ratings are based on the State's long-term general obligation rating and evaluation of the factors discussed in KBRA's U.S. State Annual Appropriation Obligation Rating Methodology.

The State's General Obligation rating is based on KBRA's U.S. State General Obligation Rating Methodology.

In the process of assigning the rating, KBRA reviewed multiple sources of information and met with State management. Please refer to the State of New Jersey, General Obligation Bonds rating report published on October 28, 2015 for a full discussion on the State.

The Series 2016B and Series 2016C Bonds are special and limited obligations of the NJEFA secured by payments received by the Authority from the Treasurer of the State. The State payments are subject to annual appropriation by the New Jersey State Legislature.

The Series 2016B and Series 2016C Bonds are being issued to provide funds to certain public higher education institutions for capital projects under the Higher Education Capital Improvement Fund program.

A full report will be published shortly.

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

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