Press Release|Public Finance

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:

Credit Positives

  • 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.

Credit Challenges

  • Absence of a formal reserve policy and less formal financial policies and procedures.

Rating Sensitivities

For Upgrade

  • Adoption of a formal reserve policy and other written financial policies and procedures.

For Downgrade

  • Significant deterioration in fund balance and liquidity position.
  • Material deterioration in the municipal resource base.

To access rating and relevant documents, click here.


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