Moody's Investors Service said it has assigned a Aa2 rating to the township of West Bradford, Pa.'s $4.2 million Series 2014 general obligation bonds, and upgraded the township's GO rating to Aa2 from Aa3, affecting approximately $7 million in previously issued bonds.
The bonds are secured by the township's general obligation unlimited tax pledge. Proceeds of the current issue will be used to purchase wastewater treatment capacity, build a new park, and build a garage for the township's sanitation vehicles.
The upgrade to Aa2 from Aa3 incorporates the township's ongoing trend of operating surpluses, which has led to well above-average cash reserves.
The rating recognizes the township's moderately sized tax base with strong socio-economic characteristics, modest debt burden, and minimal pension liabilities.
