Standard&Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to Lower Moreland Township Authority, Pa.'s series 2011 guaranteed sewer revenue bonds, issued on behalf of Lower Moreland Township. At the same time, Standard&Poor's affirmed its 'AA+' rating, with a stable outlook, on the township's general obligation (GO) and guaranteed sewer debt. The rating reflects our opinion of the township's: Access to the Philadelphia area employment market; Very strong wealth and income levels; Sound financial position, with available general fund reserves equal to at least 24% of expenditures in the past three audited fiscal years; and Rapid amortization schedule coupled with limited capital needs. An offsetting factor is the township's high debt burden on a
