S&P rates New Jersey bonds AAA/A-1

Standard & Poor's said it assigned an AAA/A-1+ rating on New Jersey Economic Development Authority's $250 million of school facilities construction 2008 series Y bonds due Sept. 1, 2033 issued for New Jersey and assigned an AA- underlying rating to the bonds.

The AAA/A-1+ rating based on the application of joint and several criteria due to the AA- long-term rating of the obligor and irrevocable direct-pay letters of credit provided by Bank of America NA (AA+/A-1+), S&P said.

The outlook is stable.

Proceeds will be used to fund various school facilities projects. Those projects do not secure the bonds.

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