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

S&P Global Ratings assigned its 'SP-1+' short-term rating to South Plainfield, N.J.'s series A and B 2023 general obligation (GO) bond anticipation notes (BAN), totaling $7.46 million and $9.51 million, respectively. At the same time, S&P Global Ratings affirmed its 'AA' rating on the borough's GO debt outstanding. 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 a very strong capacity to pay principal and interest when the notes come due. The city has what we view as

...Most recent Historical information 2021 2020 2019 Strong economy Projected per capita EBI % of U.S. 106 Market value per capita ($) 190,710 Population 23,483 23,591 24,136 County unemployment rate(%) 3.3 Market value ($000) 4,478,433 4,613,673 Ten largest taxpayers % of taxable value 8.9 Strong budgetary performance Operating fund result % of expenditures (0.0) 1.0 (1.1) Total governmental fund result % of expenditures (0.0) 1.0 (1.1) Strong budgetary flexibility Available reserves % of operating expenditures 8.8 7.3 6.4 Total available reserves ($000) 2,767 2,161 1,876 Very strong liquidity Total government cash % of governmental fund expenditures 17 20 21 Total government cash % of governmental fund debt service 291 323 357 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 5.9 6.3 5.8 Net direct debt % of governmental fund revenue 83 Overall net debt % of market value 1.7 Direct debt 10-year amortization...

Summary