Standard and Poors, the international credit rating agency, has rated $21.957 million of general obligation bonds, water utility bonds and recreation utility bonds authorized in 2014 and 2015 as AA+. The AA+ differs from the top AAA rating only to a small degree, according to S&P. The rating means that S&P considers Marlboro’s ability to meet its obligations is very strong.
“This is tremendous news for Marlboro”, said Mayor Jonathan Hornik. “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. ”
Hornik said in a press release that the Township’s credit rating was last reviewed by Moody’s in 2010 at which time it was rated Aa2, a lower designation that S&P’s AA+.
“The Township has timed this financing to lock in a fixed interest rate at an historically low rate, before the Federal Reserve acts to increase rates for the first time since 2008”, said Hornik. “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, park and other capital improvements.”
“The report highlights Marlboro’s local economy as ‘very strong’”, said Hornik. “The Marlboro Economic Development Committee (EDC) must be recognized for its role in tirelessly pursuing new, clean, quality ratables. We have made great gains on the economic development front, despite the recessionary climate, to the tune of more than $70 million in new commercial ratables or $1.6 million in new tax revenue. This has reduced the tax burden on our residents.”