Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Franklin Township Board of Education (Somerset County), N.J.'s series 2013 general obligation (GO) refunding bonds and affirmed its 'AA' long-term rating on the district's previously issued GO bonds. The outlook is stable. The rating reflects our opinion of the district's: Diverse local economy with excellent access to the broader central and northern New Jersey and New York City employment bases; Stable tax base, which has only experienced modest declines due to the softening of the housing markets; Historically very strong wealth and income indicators and below-average unemployment levels; Financial position, which has experienced pressure in recent years and has led to reductions in reserves that are currently at adequate
