S&P Global Ratings raised its rating on Ramapo Town, N.Y.'s general obligation (GO) debt one notch to 'AA-' from 'A+'. At the same time, S&P Global Ratings assigned its 'AA-' rating to the town's roughly $11 million series 2023 public-improvement GO bonds. The outlook is stable. The rating action reflects our opinion of improved reserves to $7.1 million in fiscal 2022 from $778,000 in fiscal 2020, supported by its consistently positive budgetary performance, conservative budgeting, and influx of cash from onetime revenue due to a property sale. The town indicates it will likely not spend down reserves. The town's faith-and-credit pledge secures the bonds. Officials intend to use series 2023 bond proceeds to finance various sidewalk-and-road-repair-related capital projects. At the
