Standard & Poor's Ratings Services said it has raised its long-term rating and issuer credit rating on Monroe Township Board of Education (Gloucester County) N.J.'s general obligation debt one notch to AA-minus from A-plus.
At the same time, Standard & Poor's assigned its AA-minus long-term rating and ICR to the district's 2014 GO refunding bonds. The outlook is stable.
"The upgrade is based on the district's recent history of adding to reserves after a history of negative fund balances in an environment consisting of delayed state aid payments and state aid cuts," said Standard & Poor's credit analyst Richard Marino.
Monroe Township School District is coterminous with Monroe Township and is located in Gloucester County, about 20 miles southeast of Philadelphia. The district serves an estimated population of 37,000. Population in the township has grown rapidly over the past 10 years, increasing about 24% overall.
