NEW YORK - Moody's Investors Service said it has assigned a Aa3 rating to the township of Solebury, Pa.'s $5.1 million general obligation bonds, series 2010 and downgraded to Aa3 from Aa2 the township's GO rating, affecting $35.9 million of parity debt, including current issue.
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The bonds are secured by the township's general obligation, unlimited tax pledge and will fund the purchase of land for open space preservation.
The downgrade is based on the township's weakened financial position due to structurally imbalanced operations which has reduced the town's financial flexibility. The rating also reflects the township's wealthy and residential tax base and average debt burden.
