KBRA Affirms AA Rating with Stable Outlook for Township of Pennsbury, PA General Obligation Notes
9 Nov 2023 | New York
KBRA affirms the long-term rating of AA with a Stable Outlook for the Township of Pennsbury, PA's general obligation notes.
Key Credit Considerations
The rating was affirmed because of the following key credit considerations:
- Substantial General Fund reserves and cash balance position provide strong level of financial flexibility.
- Manageable fixed cost burden.
- Strong underlying resource base as evidenced by strong per capita income at 177.4% of the State level and FMV per capita at $167,304.
- Absence of a formal reserve policy and less formal financial policies and procedures.
- Adoption of a formal reserve policy and other written financial policies and procedures.
- Significant deterioration in fund balance and liquidity position.
- Material deterioration in the municipal resource base.
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