Standard&Poor's affirmed its 'AAA' long-term rating, with a stable outlook, on Mahwah township, N.J.'s debt outstanding. The township's full faith and credit pledge secures the bonds. The rating reflects our assessment of the following factors for Mahwah: Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA); Strong management, with "good" financial policies; Strong budgetary performance, with balanced operating results in the general fund and at the total governmental fund level; Very strong budgetary flexibility, with an available fund balance in fiscal 2014 of 18% of operating expenditures, and an ability and willingness to raise taxes when needed; Very strong liquidity, with total government available cash of 33.7% of total governmental fund expenditures and
