Moody's Investors Service said it has placed the Baa2 special tax rating on the Casino Reinvestment Development Authority, N.J.'s $244.3 million parking fee and Atlantic City fund revenue bonds and $71.2 million hotel fee revenue bonds under review for possible downgrade.

The parking fee bonds are secured by three revenue streams: a senior lien on $2.50 of a statutory $3 fee levied on vehicles parking in Atlantic City casinos as established by state statute; an additional contractual casino parking fee of $1 levied on vehicles parking at the casinos pursuant to parking fee agreements; and investment alternative tax (IAT) obligations scheduled for the Atlantic City fund (based on the original CRDA Act agreements and pledged to secure the bonds from January 1, 2011 through December 31, 2018) pursuant to individual donation and credit agreements with 11 casinos.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.