Verona Township Board of Education, NJ GO Debt Rating Outlook Revised To Positive From Stable On Improved Reserves

BOSTON (S&P Global Ratings) Nov. 6, 2024--S&P Global Ratings revised the outlook to positive from stable on Verona Township Board of Education (BOE), N.J.'s existing general obligation (GO) debt and affirmed its 'AA-' rating on the debt. At the same time, we assigned our 'AA-' rating to Verona Township BOE's $9.395 million series 2024 GO refunding school bonds. The outlook is positive, reflecting our expectation that the district will maintain or further improve its reserve levels following a sustained build-up over the last five years, coupled with an above-average economic base and amortization of debt over the same period. The rating reflects the application of our "Methodology for Rating U.S. Governments" criteria, published Sept. 9, 2024, on RatingsDirect. "Verona Township

...November 6, 2024 BOSTON (S&P Global Ratings) Nov. 6, 2024--S&P Global Ratings revised the outlook to positive from stable on Verona Township Board of Education (BOE), N.J.'s existing general obligation (GO) debt and affirmed its '##-' rating on the debt. At the same time, we assigned our '##-' rating to Verona Township BOE's $9.395 million series 2024 GO refunding school bonds. The outlook is positive, reflecting our expectation that the district will maintain or further improve its reserve levels following a sustained build-up over the last five years, coupled with an above-average economic base and amortization of debt over the same period. The rating reflects the application of our "Methodology for Rating U.S. Governments" criteria, published Sept. 9, 2024, on RatingsDirect. "Verona Township Board of Education's positive financial results and robust income metrics support the '##-' rating, offset by less formalized financial management and elevated debt per capita metrics compared with...

Ratings Action