Summary: South Plainfield Borough, New Jersey; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to South Plainfield Borough, N.J.'s series 2024 general obligation (GO) bond anticipation notes (BAN) totaling $7.143 million. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and its 'SP-1+' short-term rating on the borough's GO debt and notes outstanding, respectively. The outlook, where applicable, is stable. South Plainfield's full faith and credit pledge and its agreement to levy ad valorem property taxes without limitation as to rate or amount secure the bonds and notes. The short-term rating reflects our criteria for evaluating and rating BANs. In our view, South Plainfield maintains very strong capacity to pay principal and interest when the notes come due. The borough has what we

...Most recent Historical information 2022 2021 2020 Strong economy Projected per capita EBI % of U.S. 108 Market value per capita ($) 191,647 Population 24,505 23,483 23,591 County unemployment rate(%) 3.3 Market value ($000) 4,696,311 4,478,433 Ten largest taxpayers % of taxable value 8.2 Strong budgetary performance Operating fund result % of expenditures 0.5 (0.0) 1.0 Total governmental fund result % of expenditures 0.5 (0.0) 1.0 Strong budgetary flexibility Available reserves % of operating expenditures 8.7 8.8 7.3 Total available reserves ($000) 2,950 2,767 2,161 Very strong liquidity Total government cash % of governmental fund expenditures 19 17 20 Total government cash % of governmental fund debt service 275 291 323 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 7.0 5.9 6.3 Net direct debt % of governmental fund revenue 82 Overall net debt % of market value 1.6 Direct debt 10-year amortization...

Summary