News Story

Fitch Ratings has assigned a 'AAA' rating to the following bonds issued by the New Jersey Infrastructure Bank (NJIB, or the I-Bank):

--Approximately $47.9 million Environmental Infrastructure Bonds, Series 2023A-W1 (Green Bonds);

--Approximately $165.0 million Environmental Infrastructure WIFIA Financing Program Bonds, Series 2023C-W1 (Green Bonds) (Taxable).

Bond proceeds will be combined with other funds on hand to finance eligible clean water (CW) and drinking water (DW) projects within the state and to pay issuance costs. Portions of the bond proceeds will also be used to finance accrued interest for certain borrowers. The bonds are expected to sell via negotiation on approximately Dec. 5.

In addition, Fitch has affirmed the following outstanding obligations:

--Environmental Infrastructure Bonds at 'AAA';

--Water Infrastructure Finance and Innovation Act (WIFIA) Loan Program Bonds at 'AAA';

--Environmental infrastructure extendable commercial paper notes (the ECP notes) at 'F1+'.

The Rating Outlook is Stable.