Standard&Poor's Ratings Services assigned its 'AA-' rating and stable outlook to Verona Township Board of Education, N.J.'s series 2015 general obligation (GO) school refunding bonds and affirmed its 'AA-' rating, with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's general creditworthiness, including its: Direct access to the broad employment bases of northern New Jersey and New York City; Stable, very diverse property tax base; Very strong wealth and income compared with national levels; and Moderate-to-low debt with limited additional capital needs. We believe total fund balance as a percent of expenditures, which we view as adequate, on a generally accepted accounting principles (GAAP) basis somewhat offsets these strengths. The
