S&P Global Ratings assigned its ?AA-? long-term rating to Waterford Township , N.J.?s $6.9 million series 2025 general obligation (GO) bonds. At the same time, we affirmed our ?AA-? rating on the township?s existing GO debt. The outlook is stable. The rating is based on the application of our ? Methodology For Rating U.S. Governments ,? published Sept. 9, 2024. The township?s faith-and-credit pledge and agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the bonds. Proceeds will finance various capital improvements and retire bond anticipation notes originally issued for the same purpose. Waterford?s general creditworthiness is supported by above-average local incomes, predictable property tax revenues, and management?s realistic budgetary assumptions, leading to operating
