Standard&Poor's Ratings Services assigned its 'AA+' rating and stable outlook to Lower Moreland Township Authority, Pa.'s series 2012A general obligation (GO) bonds, issued for Lower Moreland Township, and affirmed its 'AA+' rating, with a stable outlook, on the authority's and township's existing GO debt and guaranteed sewer debt, issued for the township. The rating reflects our opinion of the township's: Access to the Philadelphia area employment market; Very strong wealth and income; Sound finances 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. We believe what we consider the township's high debt on a per capita basis is a
