Moody’s Investors Service has upgraded Cranberry Township’s already very high Aa1 credit rating to an even higher Aaa rating – the highest score Moody’s issues – which makes the Township one of only seven municipalities in the state, and the only one in Western Pennsylvania, to be assigned that rating.
The reevaluation of the Township’s credit score was prompted by its decision in July to float bonds for $10 million to complete work on its wastewater treatment plant upgrade and to undertake several other capital projects.
According to Moody’s August 21 Credit Opinion, Cranberry’s Aaa rating “reflects the Township’s growing, diverse tax base, well-managed and robust financial position with healthy reserves and modest debt burden.” The report noted the Township’s continuing growth in its tax base, its consistent general fund and capital reserve levels and modest fixed costs as additional credit strengths.
“The outlook is stable, reflecting our expectation of sustained strong financial performance, further growth in assessed value, and continued stability of wealth levels in the tax base,” the report said. The rating will enable the Township to finance its new bonds, and to refinance other outstanding debt, at advantageous rates.
Upon learning about the new rating, Richard Hadley, Chairman of the Township’s Board of Supervisors said: “The Board is pleased with the results of Moody’s comprehensive review of the Township’s financial affairs, capital planning, strategic planning and business conduct. Our Board is committed to good government practices, which is what our residents expect.”
Chairman Hadley further explained that one of the Board’s priorities is to properly maintain the Township’s infrastructure, as demonstrated by its investment in the Brush Creek facility, as well as consistent reinvestment into the Township’s transportation, water, stormwater and other public facilities, while maintaining high quality services for its residents and business community.”