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 2024B $5.371 million general obligation (GO) bond anticipation notes (BANs). At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the borough's series 2024 $9.505 million GO bonds. 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 2024 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 view as a low market

...Most recent information Historical information 2022 2021 2020 Economic indicators Population (no.) 24,505 Median household EBI % of U.S. 148 Per capita EBI % of U.S. 111.76 Top 10 taxpayers as a % of assessed value 8.15 Financial indicators Total adjusted available fund balance ($000) 2,950 2,767 2,161 Total adjusted available fund balance as a % of operating expenditures 8.7 8.79 7.33 Governmental funds cash as a % of governmental fund expenditures 19.22 17.08 20.35 General fund operating result as a % of general fund operating expenditures 0.54 (0.05) 0.97 Debt and long-term liabilities Overall net debt as a % of market value 1.7 Debt service as a % of governmental funds expenditures 6.99 5.87 6.3 Required pension contribution ($000) 2,972 2,519 OPEB contribution ($000) 2,555 2,432 2,322 Required pension plus OPEB contribution as a % of governmental fund expenditures 0 0 0 EBI--Effective buying income. OPEB--Other postemployment benefit....

Summary