Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating to the township of Mahwah, N.J.'s series 2012 general improvement refunding bonds. The outlook is stable. The rating reflects our opinion of the township's: Participation in the New York City metropolitan statistical area, which contributes to very strong economic indicators; Large and very diverse property tax base with a mix of residential and commercial uses; Very strong financial position bolstered by a diminishing reliance on general fund reserves to balance the budget; and Low to moderate debt burden. The township's full faith and credit GO pledge secures the bonds. We understand proceeds will advance refund various maturities of the township's series 2004 outstanding general improvement bonds. Township representatives report
