Summary: Waterford Township, New Jersey; General Obligation; Note

S&P Global Ratings assigned its 'AA-' long-term rating to Waterford Township, N.J.'s $3.438 million series 2020 general obligation (GO) bonds and its 'SP-1+' short-term rating to the township's $1.980 million series 2020 GO bond anticipation notes (BANs). We also affirmed our 'AA-' long-term rating on the township's GO debt outstanding. The outlook, where applicable, is stable. The township's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the bonds. Bond proceeds will permanently finance outstanding BANs and approximately $700,000 in unfunded but approved ordinances. The BANs will temporarily finance trash collection and library projects that officials estimate should generate cost savings. The short-term rating reflects our criteria for evaluating and rating

...S&P Global Ratings assigned its '##-' long-term rating to Waterford Township, N.J.'s $3.438 million series 2020 general obligation (GO) bonds and its 'SP-1+' short-term rating to the township's $1.980 million series 2020 GO bond anticipation notes (BANs). We also affirmed our '##-' long-term rating on the township's GO debt outstanding. The outlook, where applicable, is stable. The township's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the bonds. Bond proceeds will permanently finance outstanding BANs and approximately $700,000 in unfunded but approved ordinances. The BANs will temporarily finance trash collection and library projects that officials estimate should generate cost savings. The short-term rating reflects our criteria for evaluating and rating BANs. In our view, Waterford maintains a very strong capacity to make principal-and-interest payments when the BANs come due. We view the township's...

Summary