OLD BRIDGE – Moody’s Investors Service affirmed the Township of Old Bridge’s very strong “Aa1” bond rating.
The Aa1 rating is the second highest rating assigned by Moody’s and is in the top 10 percent for municipalities both nationwide and in New Jersey, according to information provided by the township.
The rating reflects the township’s large tax base, strong management, consistent financial operations and modest debt burden. The township’s overall financial position continues to strengthen each year under current management, according to officials.
“The confirmation of the strong Aa1 rating will help the township obtain an attractive interest rate and lower its cost of borrowing when it enters the market to competitively sell its bonds,” Mayor Owen Henry said in a statement after the March 18 announcement. “This is the best position for the township to be in as we plan for the future.”
Old Bridge has a strong tax base, with high wealth levels and easy access to the broad and diverse New York City metropolitan statistical area, according to the statement. The township’s tax base continues to grow each year, led by a concerted effort by management to increase the commercial presence by attracting new small businesses. The five-year compound annual increase for aggregate market value is 3.5 percent.
The township’s historically strong management has a history of conservative budgeting and has demonstrated an ability to control expenditures, according to officials. Proactive planning has ensured the township is well-positioned to meet any unexpected challenges that may arise in the near-term.
For more information on contact the Mayor’s Office at 732-721-5600, ext. 2040.