News
February 17, 2015
February 17, 2015
Middle Smithfield Township Maintains A+ positive Credit Rating
Standard & Poor’s Rating Services has affirmed the Middle Smithfield Township Unenhanced Rating of A+ Positive noting that the township’s outlook is positive based upon “strong budgetary performance and very strong general fund budgetary flexibility.”
The rating reflects Standard & Poor’s assessment of the following factors for the township:
- In Standard & Poor’s opinion, the township’s budgetary flexibility is very strong.
- Supporting the township’s finances is what Standard & Poor’s consider to be very strong liquidity, with $4.6 million of available cash and investments amounting to 124% of total governmental fund expenditures and 24x total governmental funds debt service.
Last year, Standard and Poor’s upgraded Middle Smithfield Township’s credit rating from AA- and stable to A+ and positive. “We continue to maintain stringent budget controls, and always looking to strengthen the Township’s financial health by paying down debt early, and building up reserves”, said township Supervisor and Treasurer Mike Dwyer. Ray Wolfe, the township’s Budget and Finance Manager agreed. “We look forward to further improved ratings from Standard and Poor’s in the future by following best practices, and advancing our operational efficiencies.”
