S&P Gives Thumbs Up To Verona Bond Rating

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Standard & Poor’s Rating Services has assigned an ‘AA’ rating and stable outlook to Verona’s series 2010A and 2010B general obligation bonds.

In a note, the ratings agency said it based its decision on the township’s stable economy, built-out residential real estate market, very strong financial position and reserves and debt burden, which it termed moderate “when considered as a percent of market value, coupled with moderate additional capital needs”.

Verona will hold a competitive bidding process tomorrow on the bonds. There is an $8.665 million generation improvement bond, due 2023, and a $1.819 million water and sewer bond, due 2021.

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Virginia Citrano
Virginia Citranohttps://myveronanj.com
Virginia Citrano grew up in Verona. She moved away to write and edit for The Wall Street Journal’s European edition, Institutional Investor, Crain’s New York Business and Forbes.com. Since returning to Verona, she has volunteered for school, civic and religious groups, served nine years on the Verona Environmental Commission and is now part of Sustainable Verona. She co-founded MyVeronaNJ in 2009. You can reach Virginia at [email protected].

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