By: Kara Fitzpatrick
Princeton Township’s AAA bond rating has been affirmed by two Wall Street bond rating agencies Moody’s and Standard & Poor’s.
In separate announcements made earlier this week, the two agencies affirmed the rating, citing fiscally responsible practices on the part of the township.
AAA is the highest bond rating a governmental agency can achieve. According to a statement from the township, "very few governmental entities have this coveted rating," which enables the township to borrow at lower interest rates.
"We on the Township Committee work very hard to maintain our prestigious bond rating," Mayor Phyllis Marchand said in the statement. "When we strike the municipal tax rate for the current year, we make sure we have adequate funds available for future years’ financial obligations. This is a practice that the rating houses look favorably upon."
In its announcement, S&P said the township has a "historically sound financial performance." Moody’s announcement noted, "The township’s financial position will remain sound with healthy reserves given a trend of prudent budgeting."
