Summary: Madison Borough, New Jersey; General Obligation Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services revised the outlook on its 'AAA' rating on Madison Borough, N.J.'s general obligation (GO) debt to negative from stable. The outlook revision reflects our assessment of the borough's financial deterioration due to four years of operating deficits and a continued structural current fund imbalance. Standard & Poor's also affirmed its 'AAA' rating on the borough's GO debt. The rating reflects our opinion of the borough's: Stable and diverse local economy with, what we consider, good access to the New York City employment base; Mature property tax base with, what we view as, very strong wealth and income; and Low debt with minimal additional capital needs. Madison has posted negative operating results annually since fiscal 2007,...

Companies mentioned in this report are: Madison Boro
Action: Affirmed
Action: Outlook: Negative

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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.

Madison Boro

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