MOODY'S ASSIGNS MIG 1 TO STATE OF NEW JERSEY'S $94.5 MILLION SERIES P GENERAL OBLIGATION REFUNDING BONDS

Posted on: July 12, 2010, 5:22 pm

NEW YORK, Jul 12, 2010 -- Moody's Investors Service has assigned a MIG 1 rating to the State of New Jersey's $94.5 million General Obligation Bond, Refunding Bond (Series P) (Federally Taxable), to be sold through a negotiated transaction to Morgan Stanley on July 14, 2010. The bonds are general obligations of the state and will mature on November 15, 2010. Repayment of the current short term issuance is expected to be funded from the proceeds of a long term refunding in September 2010; Morgan Stanley has been selected as senior manager on that transaction. Moody's highest quality short term rating reflects the state's long term credit quality and our expectation that the state will successfully refinance the current short term bond given its long term credit quality (G.O. rated Aa2 with a stable outlook) and history of strong market access...

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