MARLBORO – Moody’s Investors Service has assigned an Aa1 rating to Marlboro, affecting approximately $28.9 million of outstanding debt. This rating represents an upgrade of the township’s credit, which was last reviewed in 2010, according to a press release from the township.
“This is tremendous news for Marlboro,” Mayor Jonathan Hornik said. “This rating upgrade affirms the difficult decisions made over the last eight years to reduce the size of government and run it more efficiently. It also represents a reflection of the overall financial stewardship of the municipality, successful economic development initiatives and a comprehensive capital improvement program. I am grateful for and must recognize the efforts of the Township Council and the employees for helping us arrive at this point.”
The township’s credit was last reviewed by Moody’s in 2010 and was assigned a rating of Aa2, according to the press release.
Standard & Poors, another bond rating agency, assigned Marlboro an upgraded AA+ rating in 2015.
“The township has remained committed to investments in its infrastructure at a time of historically low interest rates,” Hornik said. “As a result of this rating upgrade, the township will benefit from an even lower interest rate, one that directly translates into lower costs to taxpayers for road, parks and recreation, and other capital improvements.”
In its narrative, Moody’s referenced a number of factors which led to its determination, including a modestly growing tax base; a positive trend in reserves; above average income and wealth levels; conservative budgeting; and an affordable debt burden, according to the press release.
“The report highlights Marlboro’s successes in a number of areas. Specifically referenced are our continued efforts to bolster the tax base with new high-end commercial ratables and policies implemented to stabilize wage and benefit costs,” Hornik said. “I am especially pleased that Moody’s recognized our aggressive open space and farmland acquisition efforts.
“The bond rating agencies continue to validate our decisions to both invest in our infrastructure and preserve open space to improve the quality of life for our residents. We know the goal of preserving farmland and open space goes hand in hand with our pedestrian access and traffic improvement initiatives.
“These improvements serve to connect our schools, houses of worship, recreation facilities and retail establishments while promoting accessibility and safety through reduced traffic and congestion on our roads,” the mayor said.