FREEHOLD — Monmouth County’s bonds have been granted AAA ratings by Fitch, Moody’s, and Standard & Poor’s, the three largest bond rating agencies.
Only a few dozen counties throughout the United States have been granted AAA ratings, the highest rating, and only a handful can claim they have received the highest score from all three major rating agencies, according to Mark E. Acker, Monmouth County’s finance director.
Each bond rating agency said it granted the AAA rating in recognition of Monmouth County’s solid financial management, stable growth and low debt burden. As a result, each agency also awarded the county a favorable stable future outlook.
According to Standard & Poor’s, the AAA bond rating reflects the county’s strong local economy anchored by the services, retail trade and health-care industries; substantial and rapidly growing tax base; wealth and income levels that exceed state and national levels; regular operating surpluses and high current fund balances; and manageable overall debt.
Moody’s Investors Service cited strong financial operations resulting from conservative budgetary assumptions for revenues and good control of expenditures.
Fitch also pointed to the county’s solid financial management, which it said has resulted in continued strong operation and financial flexibility, stable growth in its $90 billion tax base, and low direct debt levels with rapid amortization.
“Monmouth County continues to experience positive employment growth and office vacancy rates well below the state average,” Fitch said in its report. “Fund balances continued to grow in 2004 due to the county’s conservative budget practices, expenditure controls and healthy flow of revenue driven by a vibrant tax base. The county’s financial position is excellent.”