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S&P Assigns Robbinsville AA+/Stable Rating
Rating service cites "very strong economy" & "weak debt" as drivers
ROBBINSVILLE, NJ – (May 9, 2016) - Standard & Poor's (S&P) Ratings Services assigned its AA+ long-term rating to Robbinsville Township's general obligation (GO) refunding bonds, and affirmed its AA+ long-term and underlying ratings (SPUR) on the township's outstanding GO debt.
Robbinsville’s “outlook is stable,” according to the April 12, 2016 report.
“The S&P rating confirms what we have been saying for quite some time: The State of Robbinsville Township is strong and we are very well positioned moving forward,’’ Mayor Dave Fried said. “While government across our state is still being downgraded, some of the difficult changes we have made in previous years are really paying dividends.’’
The rating reflects the S&P opinion of the Township's:
· Very strong economy
· Very strong budgetary flexibility
· Very strong liquidity
· Weak debt and contingent liability position
· Strong institutional framework score.
“We consider Robbinsville's economy very strong,’’ read the S&P report. “The township, with an estimated population of 14,123, is located in Mercer County (NJ), which we consider to be broad and diverse. The township has a projected per capita effective buying income of 185% of the national level and per capita market value of $176,267. Overall, the township's market value was stable over the past year at $2.5 billion in 2016. The county unemployment rate was 5.7% in 2014.
“(Robbinsville) is approximately one hour from both New York and Philadelphia, with major highways such as the New Jersey Turnpike and Interstate 195 crossing through. Its convenient location has made the township an attraction for many large companies to house warehouse operations. Robbinsville boasts approximately 12 million square feet in warehouse space, with a 98% occupancy rate. The Amazon warehouse in the Matrix Business Park has become one of the most successful fulfillment centers in the nation with over 2,500 employees. Other Matrix tenants include big-name companies such as Mckesson Corporation. McMaster-Carr, LongChamp USA, Mercedes Benz, and Global International.
“In addition to the township's successful warehouse sector, Robbinsville is also experiencing new commercial and residential growth. Various new commercial and retail projects are in development or already under construction, including a YMCA and a new medical office. Additionally, “the township maintains a practical approach with its budgeting and management practices.”