S&P Global Ratings assigned its 'AA+' rating and stable outlook to Lower Moreland Township, Pa.'s roughly $5.5 million series 2021 general obligation (GO) bonds and affirmed its 'AA+' rating, with a stable outlook, on the township's existing GO debt. Officials intend to use series 2021 GO bond proceeds to current refund the township's series 2012 GO bonds and 2018 GO notes. The township's full-faith-and-credit-and-resources pledge and agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the bonds. In our opinion, COVID-19 has not had any significant negative economic effect on the township due largely to continued real estate sales, coupled with many residents telecommuting; therefore, the township did not experience any significant layoffs. Its
