Summary: Gloucester (Township Of), New Jersey; General Obligation; Note May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating, and stable outlook, to Gloucester Township, N.J.'s series 2011 general obligation (GO) bonds and its 'SP-1+' short-term rating to the township's series 2011 bond anticipation notes (BANs). Standard & Poor's also affirmed its 'A' long-term rating and underlying rating (SPUR), with a stable outlook, on the township's existing GO debt. The 'A' rating reflects our view of the township's: Strong wealth and income levels, and Low overall debt burden with limited additional debt and capital needs. Despite an improved financial position, we continue to view the general fund balance at fiscal year-end June 30, 2010, low on both a nominal and percent basis. The township's full-faith-and-credit pledge secures the bonds....

Companies mentioned in this report are: Gloucester Twp
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Gloucester Twp

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