Bond sale to take place next week
South Plainfield, NJ, January 15, 2018: Standard & Poor’s Global recently completed a ratings opinion of the Board of Education Bonds that will be sold to finance the School Improvement and Modernization Plan that was approved by the taxpayers last year in the referendum vote. When rating bonds, the higher the rating, typically the lower interest rate that has to be paid. AA- falls in the second highest rating category and S&P reports: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.
In the opinion letter S&P states: The rating reflects our assessment of the districts strengths, including its:
- Very strong local economy that benefits from access to the board and diverse New York City-Northern New Jersey metropolitan statistical area;
- Stable finances, with a trend to maintaining balanced result; and
- Low-to-moderate debt burden, with limited additional debt plans.
“This rating is not only a testament to the current and projected financial condition of the Board of Education, but to the community as a whole” said President Bill Seesselberg. “We owe a debt of gratitude to all involved, especially Dr. Lishak and her entire team.”
The bonds are schedule to go up for auction on January 23, 2018.