Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Franklin Township Board of Education, N.J.'s series 2009 general obligation (GO) refunding school bonds. In our opinion, the rating reflects the district's: Growing local economic base, coupled with access to the significant labor markets of northern New Jersey and New York City; Wealth and income levels that have historically been well above state and national levels, coupled with a rapidly expanding and diverse property tax base with a high market value per capita; Sound financial position; and Low debt burden, coupled with manageable additional capital needs. The district's full faith and credit GO pledge secures the bonds. Officials will use bond proceeds to refund a majority of
