S&P Global Ratings assigned its 'AAA' rating to Mahwah Township, N.J.'s series 2020 public-improvement serial general obligation (GO) bonds, totaling $32.85 million, consisting of general improvement bonds ($26.55 million), water utility bonds ($4.5 million), and sewer utility bonds ($1.8 million). At the same time, S&P Global Ratings affirmed its 'AAA' rating on the township's existing GO debt. The outlook is stable. Securing debt service on the bonds is the township's full faith and credit, including the requirement to levy ad valorem taxes on all taxable property within its borders without limitation as to rate or amount. Proceeds from the sale of the bonds will fund a variety of capital projects, including road improvements as well as water and sewer improvements.
