Standard & Poor's said it raised its school issuer credit rating on South Brunswick Township Board of Education, N.J.'s outstanding general obligation debt to AA-plus from AA.
S&P also assigned a AA-plus rating to the district's 2014 refunding school bonds. The outlook is stable for all ratings.
"The upgrade is based on the district's record in maintaining strong reserves in the last three years despite tax base declines and no levy increases," said Standard & Poor's credit analyst Linda Yip. "With no levy increases, taxing flexibility has increased for the next year."
The bonds are secured by the full faith and credit pledge of the school district with additional security provided by the New Jersey Fund for the Support of Free Public Schools. Bond proceeds will be used to advance refund all or a portion of the school bonds dated April 15, 2004, and maturing on or after Aug. 1, 2015.
