S&P Global Ratings assigned its 'AA' long-term rating to South Plainfield Borough, N.J.'s $6.43 million series 2021 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' rating on the borough's GO debt outstanding. The outlook 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. Proceeds of the bonds will refinance the borough's series 2012 bonds. We note that this issue replaces a refunding issuance that the borough did not sell in March 2021, which we did rate prior to that decision. The rating reflects South Plainfield's continued growing economy, with new residential and commercial developments
