The upgrade from 'A+' to 'AA-' on the Borough of South Plainfield, N.J.'s GO general improvement and sewer utility bonds series 1999 reflects: A strong financial position, marked by strong reserves; and A strong economic base, anchored by the borough's proximity to several major employment centers, including northern New Jersey and New York City. The borough's low debt burden and limited future needs is also a contributing credit factor supporting the rating upgrade. Proceeds from the adjustment refunding bonds will be used to refund the series 1993 fiscal year adjustment bonds and those from the pension refunding bonds will be used to refund the present value of the borough's unfunded accrued liability for early retirement incentive programs for employees covered
