Moody's affirms Aa2/P-1 rating of preferred shares issued by Nuveen New Jersey Dividend Advantage Municipal Fund

New York, January 30, 2015 -- Moody's Investors Service, Inc. ("Moody's") has affirmed the Aa2 long-term rating of the existing Variable Rate Demand Preferred (VRDP) Series 1 shares issued by the Nuveen New Jersey Dividend Advantage Municipal Fund (Ticker: NXJ). Moody's also affirmed the P-1 short-term rating to the VRDP shares, which reflects the short-term rating of the liquidity provider (Toronto-Dominion Bank). An additional $36 million of shares have been issued in the existing VRDP Series 1 in connection with the defeasance of NXJ's $35.05 million Series 2015 MTP.

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