Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Franklin Township Board of Education (Somerset County), N.J.'s series 2016 general obligation (GO) refunding school bonds and affirmed its 'AA' rating, with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's general creditworthiness, including its: Diverse local economy with excellent access to the broader central and northern New Jersey and New York City employment bases, Historically very strong wealth and income and below-average unemployment, Strong finances with surpluses in the past two fiscal years, and Low overall net debt as a percent of market value with limited additional capital needs. We believe what we consider the district's adequate-to-good reserves
