Summary: Middletown Township, Pennsylvania; General Obligation Apr 10

Standard & Poors, April 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to the township of Middletown, Pa.'s series 2010 general obligation (GO) bonds and affirmed its 'AA+' rating, with a stable outlook, on the township's existing GO debt. In our opinion, the rating reflects the township's: Location and access to diverse labor markets in the Philadelphia metropolitan statistical area (MSA), contributing to below-average unemployment; Strong per capita market values and household income; Sound financial position with substantial reserves to manage through the recession; and Moderate debt burden with limited capital needs. The township's full faith and credit pledge secures the bonds. Officials plan to use bonds proceeds to refund the township's series 1998 and 2005 bonds outstanding and pay...

Companies mentioned in this report are:
- Middletown Twp (Bucks Cnty)

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.

- Middletown Twp (Bucks Cnty)

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