Press Release|Public Finance

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:

Credit Positives

  • 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.

Credit Challenges

  • Utilization of cash basis of financial reporting, which KBRA views as providing a less comprehensive view of year-to-year financial performance

Rating Sensitivities

For Upgrade

  • Implementation of modified or full accrual basis of financial reporting.

For Downgrade

  • Reduced financial flexibility resulting from recurring operating deficits.
  • Significant deterioration in the property tax base.

To access rating and relevant documents, click here.

Click here to view the report.



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1002921

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