Standard&Poor's Ratings Services raised its underlying rating (SPUR) on the South Plainfield Borough, N.J.'s general obligation (GO) debt to 'AA' from 'AA-' due to consistently strong economic fundamentals. At the same time, Standard&Poor's assigned its 'AA' rating to the borough's $4.1 million series 2010 GO bonds. The rating outlook is stable. Additional rating factors include the borough's: Wealthy property tax base with access to New York City; Good reserves despite recent declines; and Low-to-moderate debt burden. The bonds are a general obligation of the borough, secured by its full faith and credit pledge. We understand that the majority of bond proceeds will refund certain maturities of the borough's debt outstanding. In addition, we understand that about
