Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Waterford Township, N.J.'s series 2015 general obligation (GO) bonds. We also affirmed our 'AA-' long-term rating on the township's existing GO debt. The outlook is stable. The township's full faith and credit pledge secures the bonds. Officials will use bond proceeds to retire existing bond anticipation notes (BANs) for capital improvements. The rating reflects our view of the township's: Strong economy, with access to a broad and diverse metropolitan statistical area (MSA); Adequate management, with "standard" financial policies and practices under our Financial Management Assessment (FMA) methodology; Adequate budgetary performance, with operating results that we expect could improve in the near term relative to fiscal 2014, which closed with
