Atlantic County keeps AA, Aa2 bond ratings, cutting costs

Moody’s Investors also affirmed Atlantic County’s outstanding efforts with its own Aa2 rating with stable outlook.

“Despite a slowing economy and elevated fixed costs such as pension and health benefits, Atlantic County is financially stable and secure,” stated County Executive Dennis Levinson. “We have managed our costs without putting our taxpayers at risk. In fact, while most municipalities saw an increase in their tax rates this year, the county managed to lower its own by nearly 3 cents.”

Levinson explained the importance of these high ratings this way: “The better our rating, the lower interest rate we pay for purchases and capital projects, helping our taxpayers keep more money in their pockets.”

Moody’s noted that the county’s diversifying and expanding economy, combined with management’s efforts to continue building surpluses, will ensure a solid credit profile for the foreseeable future.

The county’s economic growth rate is outpacing much of the region, with full value up 77% over the past five years, according to Moody’s.

S&P stated, “Atlantic County’s financial position continues to strengthen as revenues perform well and the county budgets conservatively.”

Levinson commended his fiscal staff for their top-rate performance and the Board of Commissioners for its hard work and cooperation.

“Their efforts contribute greatly to Atlantic County’s distinction as the finest run county in the state.”

In conclusion, Levinson said, “It’s very reassuring to have two of the nation’s top credit rating services acknowledge the positive impact of our conservative fiscal policies, effective budgeting practices and long-term planning. County taxpayers can continue to rely on Atlantic County government to put their needs first.”