Standard & Poor's Ratings Services said it raised its underlying rating for credit program on Howell Township Board of Education, N.J.'s series 2011 to AA-minus from A-plus.
The outlook is stable.
"The upgrade reflects management's conservative budgeting practices that have continued to generate consecutive operating surpluses and healthy reserves despite economic challenges," said Standard & Poor's credit analyst Linda Yip.
"The AA-minus rating also reflects our opinion of the district's significantly improved financial position on a generally accepted accounting principle (GAAP) basis," she added.
