KBRA Affirms A+ Rating with Stable Outlook for Township of Bethel Sewer Authority - Township of Bethel, PA
21 Dec 2023 | New York
KBRA affirms the long-term rating of A+ with a Stable Outlook for the Township of Bethel Sewer Authority's Guaranteed Sewer Revenue Notes, which are guaranteed by the Township of Bethel's full faith, credit, and unlimited tax pledge. The rating is based solely on the Township's implied General Obligation credit quality.
Key Credit Considerations
The rating was affirmed because of the following key credit considerations:
- Stable residential tax base with good commuter access to large and diverse employment centers, supporting strong per capita income and low poverty levels.
- Solid financial flexibility afforded by the strong level of cash reserves.
- Utilization of cash basis of financial reporting, which KBRA views as providing a less comprehensive view of year-to-year financial performance
- Implementation of modified or full accrual basis of financial reporting.
- Reduced financial flexibility resulting from recurring operating deficits.
- Significant deterioration in the property tax base.
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