KBRA Releases Surveillance Report for Borough of Upland, PA - G.O.

On December 20, 2024, KBRA affirmed the long-term rating of BBB+ and revised the Outlook to Negative from Stable for the Borough of Upland, PA General Obligation Notes.

The revision of the Outlook to Negative for the Borough of Upland’s (the “Borough”) General Obligation Notes reflects deteriorating liquidity and General Fund balance, driven by operating deficits in four of the last six fiscal years despite considerable federal pandemic stimulus funding, and lack of timely financial disclosure in each of the last two years. In addition, the Negative Outlook reflects KBRA’s increasing concern that the stability of the Borough’s tax base and key revenue sources may be impacted by the full or partial closure of Crozer-Chester Medical Center, the Borough’s largest employer, which has struggled financially in recent years.

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