CRANBERRY TWP — Moody's Investors Service, a leading provider of credit ratings, upgraded Cranberry's credit rating from Aa1 to Aaa, the highest score Moody's issues.

This upgrade makes the township one of seven municipalities in the state and the only one in Western Pennsylvania to be assigned that rating.

A rating of Aaa means the township's credit is “judged to be of the highest quality and subject to the lowest level of credit risk,” according to Moody's ratings scale.

“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,” said Richard Hadley, chairman of the township board of supervisors.

The re-evaluation of the township's credit score was prompted by its decision in July to issue bonds for $10 million to complete work on the Brush Creek wastewater treatment plant upgrade and to undertake other capital projects.

Hadley said one of the board's priorities is to properly maintain the township's infrastructure, shown through its investment in the Brush Creek facility, as well as consistent reinvestment in the township's transportation, water, stormwater and other public facilities, while maintaining quality services for residents and businesses.

According to the Aug. 21 Credit Opinion from Moody's, Cranberry's new rating reflects the township's “growing, diverse tax base, well managed and robust financial position with healthy reserves and modest debt burden.”

The township's credit strengths are its considerable tax base growth over the past decade, healthy, consistent general fund and capital reserve levels and modest fixed costs that allow for ample budget flexibility, the Credit Opinion stated.

The Aaa rating will enable the township to finance its new bonds and refinance outstanding debt at advantageous rates, according to a township news release.