East Windsor, NJ GO Bond Rating Raised To ‘AA+’ From ‘AA’ On Strong Financials, Management Policies

Rating Action Summary:

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NEW YORK (S&P Global Ratings) April 22, 2019--S&P Global Ratings raised its long-term and underlying ratings to 'AA+' from 'AA' on East Windsor, N.J.'s general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its 'AA+' long-term rating to the township's series 2019 GO refunding bonds. The outlook is stable.
"The upgrade reflects our view that the township's sustained positive operating performance—in part attributable to improved financial management policies and practices—has significantly strengthened its financial profile," said S&P Global Ratings credit analyst John Kennedy. "We expect additional residential and commercial development will boost the tax base and add to the already very strong economy."
Partially offsetting the credit quality effects of stronger financial performance is the town's large debt, pension, and other postemployment benefit burden.
"The stable outlook reflects our expectation that East Windsor will likely maintain its very strong budgetary flexibility," added Mr. Kennedy. "In addition, we believe the township's very strong economy with access to the New York, Trenton, and Philadelphia metropolitan areas provides additional rating stability. Therefore, we do not anticipate changing the rating within the two-year outlook horizon."
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