NJEIT

AcronymDefinition
NJEITNew Jersey Environmental Infrastructure Trust
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STRONG PROGRAM MANAGEMENT: NJEIT maintains sound underwriting and loan monitoring procedures as evidenced by the fact that NJEIT has never experienced a borrower default in the loan portfolio secured by the master program trust agreement.
Through the program, NJEIT provides loans to local government, and private borrowers for certain eligible water and wastewater system projects within the state.
With respect to NJEIT's current and recent issues, most of the program's credit metrics, including those of the financial structure and pool credit quality, have remained stable over the past several years.
Fitch measures the financial strength of NJEIT's and other state revolving funds (SRFs) by calculating each program's asset strength ratio (PASR).
NJEIT has the power to intercept state aid to cure SRF loan repayment defaults otherwise due to borrowers.
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.
ROBUST FINANCIAL STRUCTURE: Fitch's cash flow modeling demonstrates that NJEIT's environmental infrastructure bond program (the program) has sufficient cash flows to continue to pay bond debt service even with obligation defaults in excess of Fitch's 'AAA' liability rating stress hurdle, as produced using Fitch's Portfolio Stress Calculator (PSC).
STRONG PROGRAM MANAGEMENT: NJEIT maintains sound underwriting and obligor monitoring procedures.
NJEIT provides funds to local governments and private entities for certain eligible water and wastewater system projects within the state.
With respect to NJEIT's current and recent bond issues, most of the program's credit metrics, including those of the financial structure and pool credit quality, have remained stable over the past several years.
NJEIT is operated under a partnership with the New Jersey Department of Environmental Protection.