S&P Global Ratings assigned its 'AA-' rating to Verona Township Board of Education, N.J.'s series 2020 general obligation (GO) school bonds and affirmed its 'AA-' rating on the district's existing GO debt. The outlook on all ratings is stable. The bonds are secured by the school district's GO credit and are further secured by the district's participation in The New Jersey Fund for the Support of Free Public Schools program. We understand the bonds will be used to permanently finance a project consisting of renovations, alterations, and improvements at all six district schools. Supporting the 'AA-' rating is Verona Township Board of Education's strong wealth and income indictors, as it is located to nearby robust employment centers, including approximately 20
