Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to South Plainfield Borough, N.J.'s series 2012 general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the borough's previously issued GO bonds. The rating outlook is stable. In our opinion, key rating factors include the borough's: Wealthy property tax base with access to New York City; Adequate reserves despite recent declines; and Low debt burden. The borough's general fund drawdowns that have been largely due to appeal payments are a partially offsetting credit factor. 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
