S&P Global Ratings lowered its rating to'AA'from'AA+'on Jackson Township , New Jersey's general obligation (GO) bonds outstanding. The outlook is negative. The downgrade reflects the township’s negative financial performance over the last four years, which has led to material declines of more than 50% in available reserves to levels no longer commensurate with those of higher-rated peers. It also reflects a weakening of financial management policies and procedures. The negative outlook reflects a one-in-three chance that we could lower the rating further over the next two years if the township cannot make the necessary budgetary adjustments to maintain balanced operations and reserves weaken further to levels that are no longer comparable at the current rating Jackson's
