Monmouth County has received a new AAA bond rating from all three major rating agencies for the 16th consecutive year, according to a statement by the Monmouth County Board of Freeholders.
“This is the 16th straight year the County has been awarded AAA status from Fitch, Moody’s and Standard and Poor’s,” said Freeholder Deputy Director Gary J. Rich, Sr., liaison to the County’s Finance Department. “Monmouth County continues to be top-rated in how it manages taxpayer money.”
The three rating agencies rated the upcoming Monmouth County Improvement Authority’s (MCIA) governmental refunding bond series and reaffirmed the ratings of the County’s outstanding debt.
“Monmouth County continues its demonstration of sound, fiscal management. The County has been careful in its spending and continues to maintain low debt levels,” said Freeholder Director Lillian G. Burry. “As a result, we are able to have greater flexibility in delivering quality services to our residents. It shows how well the County is managing its resources and planning for the future.”
Monmouth County is the only county in New Jersey and one of less than three dozen counties in the nation that can claim to have received the highest score from all three rating agencies. The AAA rating is higher than that of the State of New Jersey and the United States of America.
“More than anything else, retaining AAA status has a direct and positive impact on residents in all 53 municipalities,” said Freeholder Serena DiMaso, liaison to the MCIA. “Funds borrowed through the MCIA carry a much lower interest rate due to the AAA rating. Many towns purchase such things as police cruisers and fire trucks through the MCIA, and the tax savings are felt immediately.”