Moody's Upgrades Solebury Bond Rating

Citing a stable tax base and a strong and improving financial condition, Moody's Investor Services has upgraded Solebury Township's rating to Aa1. The rating applies to the Township's next series of general obligation bonds as well as all outstanding debt. The Aa1 rating indicates a high quality investment subject to very low risk, according to Moody's.

"The Township's fiscal management is strong," Moody's analysts wrote in the agency's credit opinion, "as illustrated by its history of conservative budgeting and careful management of expenditures, which often result in positive budget-to-actual results."

The agency took note of Solebury's focus on the preservation of open space as a key factor in maintaining the stability of the tax base in current and future years. Analysts also pointed to the administration's actions to increase reserve funds as another strong factor in fiscal stability.

"Given the Township's prudent management and adherence to newly adopted policies requiring reserves of no less than 25 percent of general fund expenditures, the Township's financial position is expected to remain strong," they wrote.