Summary: Franklin Township Board of Education (Somerset County), New Jersey; School State Program

S&P Global Ratings assigned its 'AA' rating and stable outlook to Franklin Township Board of Education (BOE) (Somerset County), N.J.'s $60.3 million series 2021 general obligation (GO) refunding school bonds and affirmed its 'AA' rating, with a stable outlook, on the district's existing GO debt. The district's full-faith-and-credit GO pledge secures the bonds. The district's participation in the New Jersey Fund for the Support of Free Public Schools program provides additional support. The program pledges a portion of a state fund's assets for a school district's debt service, should that district be unable to meet principal and interest payments. The long-term rating reflects the district's underlying credit quality, because the program rating is based on the currently lower appropriation rating

...S&P Global Ratings assigned its '##' rating and stable outlook to Franklin Township Board of Education (BOE) (Somerset County), N.J.'s $60.3 million series 2021 general obligation (GO) refunding school bonds and affirmed its '##' rating, with a stable outlook, on the district's existing GO debt. The district's full-faith-and-credit GO pledge secures the bonds. The district's participation in the New Jersey Fund for the Support of Free Public Schools program provides additional support. The program pledges a portion of a state fund's assets for a school district's debt service, should that district be unable to meet principal and interest payments. The long-term rating reflects the district's underlying credit quality, because the program rating is based on the currently lower appropriation rating on the state. We understand officials will use the proceeds to refund the district's series 2015 school bonds....

Summary