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Berkeley Township, NJ's Deteriorating Finances, Four Consecutive Operating Deficits Cut GO Debt Rating To 'A-' Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 13, 2011--Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Berkeley Township, N.J.'s general obligation (GO) debt one notch to 'A-' from 'A' based on Standard & Poor's assessment of the township's deteriorating financial position due to operating deficits in each of the past four fiscal years. The outlook is negative. 'We believe the township's trend of decreasing reserves and declining property tax collections are likely to exert additional pressure on the township's finances,' said Standard & Poor's credit analyst Nicole Ridberg. 'A continued trend of declining reserves could result in our lowering the rating. At the same time, management's maintenance of a positive fund balance position by adopting significant expenditure cuts...
Companies mentioned in this report are: Berkeley Twp
Action: Downgraded
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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