NJEITNew Jersey Environmental Infrastructure Trust
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With this sale, the NJEIT begins its leveraged drinking water SRF (DWSRF) program.
The DEP and NJEIT are currently reviewing applications for short-term and long-term financing for a host of projects from other communities that include waterproofing of pumps and electrical equipment, installation of flood protection barriers and emergency generators, and studies to assess measures to prevent damage from floods and other disasters.
CHICAGO -- Fitch Ratings assigns an 'AAA' rating to New Jersey Environmental Infrastructure Trust's (NJEIT) $154 million environmental infrastructure bonds, Series 2006A and $22 million NJEIT environmental infrastructure bonds, Series 2006B (AMT).
NJEIT estimates that the refunding will generate net present value savings of approximately $5 million or 4% of refunded bonds, which will be credited to the borrowers.
With this issue, the NJEIT increases the percentage of outstanding loans made to private and investor-owned utilities through New Jersey's DWSRF from 3.
The 'AAA' rating on the bonds is based on the underwriting standards employed by the NJEIT, significant loan-pool diversification, high collateralization levels, and the overall credit quality of the drinking water state revolving fund (DWSRF) and the clean water state revolving fund (CWSRF) loan pools.
In addition, Fitch affirms the 'AAA' rating on approximately $561 million outstanding environmental infrastructure and wastewater treatment bonds of NJEIT (formerly the New Jersey Wastewater Treatment Trust).