NJEITNew Jersey Environmental Infrastructure Trust
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NJEIT provides funds to local governments and private entities for certain eligible water and wastewater system projects within the state.
NJEIT is operated under a partnership with the New Jersey Department of Environmental Protection.
The GEEA program is sponsored by the DEP, NJEIT and the New Jersey Corporation for Advanced Technology, in partnership with the New Jersey League of Municipalities.
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.
Last August, Governor Christie signed S-2815 establishing the Natural Disaster Relief Emergency Loan Financing Program, which the NJEIT developed as the SAIL program.
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).