Fitch Targets Debt in N.J

Braun, Martin Z.
June 2003
Bond Buyer;6/18/2003, Vol. 344 Issue 31659, p1
Trade Publication
Fitch Ratings Inc. issued a warning on June 17, 2003 that it could downgrade six billion dollars of outstanding debt secured by New Jersey's School Credit Enhancement Program, citing the effects of the bear market and new legislation that would weaken the program's reserve requirements. Moody's Investors Service Inc. did not seem concerned about the pending legislation or the overall financial health of the Fund for Support of Free Public Schools. It assigned an Aa2 rating to an upcoming sale of 15 million dollar bonds secured by the state's enhancement program by Springfield Township. Standard & Poor's Corp. assigned an AA rating to bonds secured by New Jersey's School Credit Enhancement Program, but the agency said the rating was under review.


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