Fitch Ratings withdraws the 'AA-/F1+' credit enhanced rating assigned to the following bonds:
--South Jersey Transportation Authority (NJ) variable rate transportation system revenue bonds series 2009A-3;
--South Jersey Transportation Authority (NJ) variable rate transportation system revenue bonds series 2009A-4.
The long-term rating assigned to the bonds is revised to 'BBB+' with a Stable Outlook based on the underlying rating assigned by Fitch to South Jersey Transportation Authority's toll revenue bonds.
The rating was based on the support of a letter of credit provided by Wells Fargo Bank, N.A. that was terminated on Dec. 31, 2014.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research
--'Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper' (June 2, 2014);
--'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds' (March 8, 2013).
Applicable Criteria and Related Research:
Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749431
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701572
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=962955
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