Press Release|Public Finance

KBRA Affirms A+ Rating with Stable Outlook for the Borough of Bristol, PA General Obligation Notes

15 Feb 2024   |   New York


KBRA affirms the long-term rating of A+ with a Stable Outlook for the Borough of Bristol, PA's General Obligation Notes.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • The availability of substantial financial resources outside of the GF which may be made available to support operations provided the action has been passed via a voter referendum required by ordinance.
  • The Borough council has untapped statutory authority to increase revenues through the implementation of an earned income tax of up to 1.0% of taxable income.

Credit Challenges

  • Lack of formal policies regarding the maintenance of GF reserve levels.
  • Tax base supports only modest growth in operating revenues, which prior to the pandemic led to increasing structural GF imbalance.
  • Weak pension funding ratios coupled with increasing required pension contributions.

Rating Sensitivities

For Upgrade

  • Adoption of a formal policy for maintenance of GF reserve levels.
  • Significant improvement in pension funding ratios.

For Downgrade

  • Pattern of funding below the actuarially determined contribution.
  • Failure by the Borough to achieve balanced operations in the future excluding the infusion of one-time federal aid.

To access rating and relevant documents, click here.



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: 1003264

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