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Related Issuers
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Rating Action:

Moody's upgrades New Jersey School District Enhancement Program Chapter 72 to A2 from A3; outlook stable

13 Apr 2022

New York, April 13, 2022 -- Moody's Investors Service has upgraded the programmatic and related financing level ratings on the New Jersey School District Enhancement Program Chapter 72 to A2 from A3. The outlook on the programmatic rating is stable.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907661109 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

The upgrade to A2 from A3 reflects the recent upgrade of the State of New Jersey (A2 stable) which has a constitutional obligation to replenish the reserve fund in the event it is utilized. The program's rating also reflects its high leverage relative to guarantee commitments and state constitutional limits on distributions from this fund solely for the purpose of the program participants. The program also reflects the somewhat unclear timing provisions and mechanics for guarantee payments, as well as strong legal mechanics for timely reimbursement to the program if any guarantee payments are made. No guarantee payments have been required in the history of the program. The rating is effectively capped by the weaker of the credit quality of the State of New Jersey (A2 stable) or the credit quality of the Chapter 72 pool participants.

RATING OUTLOOK

The stable outlook of the program mirrors the state's stable outlook along with the stable nature of the underlying credit quality of the school district sector in the state.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

- Improvement in the credit quality of the State of New Jersey or of the average credit quality of New Jersey school districts

- Strengthening of the reserve's legal framework and mechanical protections

- A substantial decrease in the reserve's leverage level

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

- Decline in the credit quality of the State of New Jersey or of the average credit quality of New Jersey school districts

- An increase in the reserve's statutory leverage level

- Weakening of the reserve's legal framework

- Failure of the reserve program to function as intended

LEGAL SECURITY

The program is constitutionally protected and the mechanics are set by statute. The program is used to enhance the bonds issued by New Jersey local governments for educational purposes. The bonds are enhanced by a reserve fund that benefits from various replenishment mechanisms, including a state pledge to replenish, a state aid intercept, and the pool members' obligation to repay any funds borrowed from the program.

PROFILE

The New Jersey School District Enhancement Program Chapter 72 guarantees debt service on general obligation bonds issued by New Jersey public school districts, as well as debt issued by New Jersey counties and municipalities for educational purposes.

METHODOLOGY

The principal methodology used in the programmatic rating was Public Sector Pool Programs and Financings Methodology published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1171420. The principal methodology used in the financing level ratings was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1068154. An additional methodology used in the programmatic rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1068154. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. For additional information, please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907661109 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

- Rating Solicitation

- Issuer Participation

- Participation: Access to Management

- Participation: Access to Internal Documents

- Endorsement

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Susanne Siebel
Lead Analyst
REGIONAL_NE
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Douglas Goldmacher
Additional Contact
REGIONAL_NE
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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