OREANDA-NEWS. S&P Global Ratings raised its long-term and underlying ratings on Lower Township, N. J.'s existing general obligation (GO) debt to ' AA-' from ' A+'. At the same time, we assigned our 'AA-' long-term rating to the township's series 2016 GO bonds. The outlook is stable on all the ratings.

"The higher rating reflects the township's strengthened financial management and improved budgetary performance as well as budgetary flexibility," said S&P Global Ratings credit analyst Moreen Skyers-Gibbs. The township's full-faith-credit and unlimited ad valorem levy pledge secures the bonds. Officials plan to use bond proceeds to finance various capital improvement projects within the township.

The township, with an estimated population of 22,218, is in Cape May County.

"The stable outlook reflects our expectation that with continued strong management practices, the current fund will be maintained at the current level or continues to improve solidifying the very strong budgetary flexibility and liquidity," said Ms. Skyers-Gibbs.