NEW YORK (Standard&Poor's) May 12, 2010--Standard&Poor's Ratings Services raised its underlying rating (SPUR) on South Plainfield Borough, N.J.'s general obligation (GO) debt to 'AA' from 'AA-' due to consistently strong economic fundamentals. At the same time, Standard&Poor's assigned its 'AA' long-term rating to South Plainfield's series 2010 $4.1 million GO bonds. The rating outlook is stable. Additional rating factors include the borough's wealthy property tax base with access to New York City, good reserves despite recent declines, and a low-to-moderate debt burden. "The stable outlook reflects our expectation that the borough's expenditure reductions in fiscal 2010, combined with its conservative budget assumptions as reported by management, will result in positive financial operations," said Standard
