S&P Global Ratings assigned its 'AA-' long-term rating to Chesterfield Township, N.J.'s series 2016 general obligation bonds. The outlook is stable. The township's full faith and credit GO pledge secures the bonds. We understand bond proceeds will be used to fund the construction of a municipal building, including associated costs. The rating reflects the township's: Strong economy, with access to a broad and diverse metropolitan statistical area (MSA); Adequate management, with "standard" financial policies and practices under our Financial Management Assessment methodology; Adequate budgetary performance, with operating results that we expect could improve in the near term relative to fiscal 2014, which closed with operating deficits in the general fund and at the total governmental fund level in fiscal 2014;
