S&P Global Ratings revised its outlook to negative from stable and affirmed its'AA-'long-term rating on Chesterfield Township , New Jersey's general obligation (GO) debt outstanding. The negative outlook reflects the township's persistent structural budget imbalances resulting in consecutive negative operating results and declining reserve levels. The bonds are secured by the township's unlimited tax GO pledge. The rating reflects the township's strong economic base and historically robust, though declining, reserve levels following a trend of negative operating results amid recurring budgetary pressures. The negative outlook reflects our view that Chesterfield's credit profile will face downward pressure over the two-year horizon if expenditure reductions or revenue enhancements fail to restore long-term structural balance, necessitating continued draws on reserves to
