S&P Global Ratings assigned its 'AA-' long-term rating to Waterford Township, N.J.'s series 2017 general obligation (GO) bonds issued by the Camden County Improvement Authority. S&P Global Ratings also affirmed its 'AA-' long-term rating on the township's GO debt outstanding. The outlook is stable. The 2017 bonds constitute direct, special, and limited obligations of the authority. The bonds are secured by payments to the authority by Waterford Township, backed by the full faith and credit pledge of the township. We understand that proceeds will be used to pay capital costs associated with the Waterford Township Public Safety Building Project. The rating reflects our view of the township's: Strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
