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Summary: Morristown, New Jersey; General Obligation Nov 10
Standard & Poors, November 2010
Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Morristown, N.J.'s series 2010 general obligation (GO) refunding bonds and affirmed its 'AA' rating, with a stable outlook, on the town's existing GO debt. The rating reflects our view of the town's: Access to New York City's and northern New Jersey's deep, diverse labor markets; Very strong income and wealth levels; Good financial position; and Low overall debt burden and rapid principal amortization. Officials plan to use bond proceeds to advance refund the town's series 2002 and 2002B GO bonds outstanding. The town's full faith and credit pledge secures the bonds. Morristown, with a 2009 population estimate of 19,278, is Morris County's seat in southeastern Morris County,...
Companies mentioned in this report are: Morristown
Action: New Rating
Action: Outlook: Stable
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