Casino Reinvestment Development Authority, NJ -- Moody's places the Casino Reinvestment Development Authority's (NJ) $244.3 million Revenue Bonds, Series 2005 (Parking Fee and Investment...
New York, December 18, 2012 -- Moody's Investors Service has placed the Baa2 special tax rating on the Casino Reinvestment Development Authority's (NJ) $244.3 million Parking Fee and Atlantic City Fund Revenue Bonds under review for possible downgrade. The bonds are secured by three revenue streams: 1) a senior lien on $2.50 of a statutory $3 fee levied on vehicles parking in Atlantic City casinos as established by state statute; 2) an additional contractual casino parking fee of $1 levied on vehicles parking at the casinos pursuant to Parking Fee Agreements; and 3) 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.
