S&P Global Ratings assigned its'AA'long-term rating (based on credit enhancement) and underlying rating to Cedar Grove Township Board of Education , New Jersey's $62.2 million series 2026 general obligation (GO) debt. The outlook is stable. The district's full faith and credit GO pledge secures the bonds. Its participation in the New Jersey Fund for the Support of Free Public Schools program further secures the bonds. The program pledges a portion of a state fund's assets for a school district's debt service should the district be unable to meet its principal and interest payments. The long-term rating reflects our opinion of the district's underlying credit quality because it is higher than the current state program rating. The'AA'underlying
