MOODY'S ASSIGNS Aaa/VMIG 1 RATING TO THE NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY TRANSPORTATION SYSTEM BONDS, 2009 SERIES D

Posted on: December 17, 2009, 4:53 pm

NEW YORK, Dec 17, 2009 -- Moody's Investors Service has assigned a rating of Aaa/VMIG 1 to New Jersey Transportation Trust Fund Authority Transportation System Bonds, 2009 Series D (the Bonds). The long-term rating reflects Moody's approach to rating jointly supported transactions and is based upon the letter of credit provided by Sumitomo Mitsui Banking Corporation (the Bank); the underlying rating of the Bonds; the structure and legal protections of the transaction, which ensures timely debt service payments to investors; and Moody's evaluation of the creditworthiness of the institution providing the letter of credit. The timely payment of purchase price is reflected in the short-term rating on the Bonds. The short-term rating of the Bonds is based on the short-term rating of the Bank as provider of the letter of credit. The Bank is rated Aa2 for long-term obligations and Prime-1 for short-term obligations. The Bonds currently have an underlying rating of A1 assigned by Moody's. For more information on the underlying Bonds, please see the New Issue Report dated December 15, 2009...

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