Summary: Mahwah, New Jersey; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to Mahwah Township, N.J.'s series 2024 bond anticipation notes (BANs) in the amount of $14.4 million. At the same time, S&P Global Ratings affirmed its 'AAA' long-term on the township's general obligation (GO) debt outstanding. The outlook is stable. Securing debt service on the GO bonds and notes is the township's full faith and credit, including the requirement to levy ad valorem taxes on all taxable property within its borders without limitations as to rate or amount. Proceeds from the BANs will be used to rollover $14.4 million in BANs originally issued on June 2, 2022. The 2024 BANs will mature May 30, 2025. Mahwah's general credit characteristics reflect a very strong

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 162 Market value per capita ($) 278,803 Population 27,802 26,730 26,877 County unemployment rate(%) 3.4 Market value ($000) 7,751,289 7,445,715 Ten largest taxpayers % of taxable value 7.4 Strong budgetary performance Operating fund result % of expenditures (8.7) 14.3 (9.1) Total governmental fund result % of expenditures (8.7) 14.3 (9.1) Very strong budgetary flexibility Available reserves % of operating expenditures 11.4 22.7 7.8 Total available reserves ($000) 5,375 9,494 3,504 Very strong liquidity Total government cash % of governmental fund expenditures 52 65 53 Total government cash % of governmental fund debt service 455 543 486 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 11.5 11.9 10.9 Net direct debt % of governmental fund revenue 162 Overall net debt % of market value 1.7 Direct debt...

Summary