S&P Global Ratings assigned its 'AAA' rating to Mahwah Township, N.J.'s series 2019 public-improvement serial general obligation (GO) bonds and affirmed its 'AAA' rating on the township's existing GO debt. The outlook is stable. Mahwah has been able to leverage its strong residential economy to maintain its solid financial position, guided by well-embedded financial policies and proactive planning. Continued residential and some new commercial development will provide additional support to the growing tax base. Over the next two years, we expect the township will use a portion of one-time revenues collected in 2017 for one-time expenditures and property tax relief. Even so, we estimate that reserves will remain very strong and the township will continue to produce structurally aligned budgets.
