Sunday, November 23, 2014

SUBSCRIBE ONLINE - CLICK HERE!    
 
SPORTS HEADLINES

 See this weeks print edition  

for these stories:

  • Bowling Results
  • Area Golf League Results
  • Flyers Visit School

 

SPORTS GUIDE
...
 
SPORTS SITES
 

 
 

 

Local News Article
Return to Previous Page

Rating Upgrade to AA+ for Milford Township
Written by Larry Roeder, Editor
2013-10-23

        At a time when federal, state and local governments are trying to balance their current budgets and establish their income and spending guidelines for next year, Milford Township officials received some good news.

        Standard and Poor’s has upgraded Milford Township’s credit rating from AA to AA+ for general obligation bonds.  This represents an improvement from the township’s rating issued in 2008.

        A credit rating is Standard & Poor’s opinion on the general creditworthiness of an obligor, or the creditworthiness of an obligor with respect to a particular debt security or other financial obligation. Over the years credit ratings have achieved wide investor acceptance as convenient tools for differentiating credit quality.

        According to the S & P report, Milford Township’s outlook is stable. At the same time, Standard & Poor’s has assigned its ‘AA’ long-term rating, and stable outlook, to the township’s series 2013 GO bonds. The ratings reflect what is viewed as the township’s very strong economy and budgetary flexibility.  The economy benefits from participation in the broad and diverse economy of the Philadelphia-Camden-Wilmington metropolitan statistical area (MSA).

        Of the report, Milford Township Supervisors’ Chairman Bob Mansfield commented that, “Financial management is done continuously over years.  We don’t spend more than we have and we plan so we are prepared if there are bad times.”

        The ratings also reflect what S & P considers Milford Township’s: Very strong budgetary flexibility, with 2012 audited reserves at nearly 50 percent of general fund expenditures; Strong budgetary performance supported primarily by reliable property taxes, with no appreciable funding interdependence with the state or federal government; Very strong liquidity, providing very strong cash levels to cover both debt service and expenditures; Adequate management conditions with standard policies in place; and weak debt and contingent liabilities position, driven mostly by the township’s high direct and overlapping debt.

        Officials were happy with the news of the upgrade.  Supervisor Charles Strunk commented that, “The upgrading of Milford’s credit rating by Standard & Poor is recognition that we have been doing our job to responsibly manage the township’s resources.” 

        Supervisor Tom Courduff added, “The taxpayers will benefit from this upgraded rating.  Our open space bond refinancing will be more attractive to investors resulting in lower rates and lower long term costs.”

        The recent S&P rating was issued in response to Milford Township’s desire to issue a bond offering to refinance outstanding open space bonds, at lower rates. 

 


 

 

 

 

SPORTS PREVIEW
...
 
JOIN THE BUSINESS DIRECTORY
Join our Business Directory today and get the introductory rate for a full year.
Click Here.

 

 
 
SITE MAP   ADVERTISE WITH US!   LOCATIONS SERVED
Home Editorial
News Photos
Sports Business Directory
Obituaries Classified Ads
Calendar Contact Us
  Advertise with the Town & Country... It's the weekly paper that people read, not just look at!  Click here to learn more or sign up.   Serving the municipalities of Bally, East Greenville, Green Lane, Hereford, Lower Salford, Marlborough, Milford, New Hanover, Pennsburg, Red Hill, Trumbauersville, Upper Hanover, Upper Salford
The Town & Country is now available at 64 locations throughout the region! Pick up your copy at any of the locations here, or better yet, have it delivered directly to your mailbox!  Click here to subscribe.



Local News for Local Readers since 1899.
© Copyright 2009 and Terms of Use
Site Design by Bergey Creative Group