Standard&Poor's Ratings Services has affirmed its 'AA' long-term rating to Cedar Grove Township Board of Education, N.J.'s series general obligation (GO) bonds. The outlook is stable. The rating reflects our opinion of the district's: Access to diverse regional employment bases in New York City and northern New Jersey; Mature, residential property tax base with wealth and incomes we consider very strong; Strong reserves; and Low-to-moderate debt burden with additional capital needs. The bonds are secured by the district's full faith and credit GO pledge. The New Jersey School Bond Reserve Act (AA-/Stable) provides additional security. Cedar Grove Township Board of Education, with an estimated population of 12,514, is coterminous with Cedar Grove township in Essex County, about 15
