Moody’s: Atlantic City faces big trouble without state takeover

assetContent (74)TRENTON — A Wall Street credit rating agency suggested in a report Wednesday that Atlantic City would face significant financial shortfalls without the state taking over large swaths of the city’s local government. Moody’s Investor Services released the report a day before the state Legislature begins considering two measures aimed at helping the Jersey Shore gambling… Read the rest of this entry »

Posted: March 10th, 2016 | Author: | Filed under: Atlantic City, News | Tags: , , | 1 Comment »

Wall Street painting a dire future for Atlantic City

assetContent (1)TRENTON — For the second time in four days, a Wall Street credit rating agency has painted a dire outlook for Atlantic City. Moody’s Investors Service said in a report Monday that Gov. Chris Christie’s recent rejection of a financial aid package leaves the Jersey Shore gambling resort likely to default on debt services as early… Read the rest of this entry »

Posted: January 25th, 2016 | Author: | Filed under: Atlantic City, Chris Christie | Tags: , , , , | 2 Comments »

N.J. credit rating cut record ninth time as Moody’s cites pension shortfall

IMG_5189TRENTON — Moody’s Investors Service has downgraded New Jersey’s debt rating, dealing the Garden State its record ninth ratings cut since Gov. Chris Christie took office. The ratings drop by one notch, from A1 to A2, on $32.2 billion worth of bonds underscores the state’s “weak financial position and large structural imbalance, primarily related to continued… Read the rest of this entry »

Posted: April 17th, 2015 | Author: | Filed under: 2016 Presidential Politics, Chris Christie, Economy, Moodys, New Jersey State Budget | Tags: , , , , , | 1 Comment »

Is Christie’s attempt to stabilize Atlantic City backfiring?

PHILADELPHIA — Whatever New Jersey Gov. Chris Christie intended when he appointed a team of bankruptcy and restructuring experts to devise a plan to stabilize Atlantic City, N.J.’s finances, what he got was a firestorm that may have exacerbated the city’s plight. Officials delayed a $12 million bond offering last week after Moody’s Investors Service sharply… Read the rest of this entry »

Posted: February 3rd, 2015 | Author: | Filed under: 2016 Presidential Politics, Atlantic City, Chris Christie | Tags: , , , , , | Comments Off on Is Christie’s attempt to stabilize Atlantic City backfiring?

Christie’s Atlantic City emergency action bad for N.J.’s other troubled cities, Moody’s says

assetContentTRENTON — A Wall Street ratings agency said today that Gov. Chris Christie’s installation of a financial management team to guide Atlantic City out of financial peril may hurt not only Atlantic City’s credit worthiness but all of the state’s financially strapped cities. The appointment of fixers indicates the state may be less willing to bail… Read the rest of this entry »
Posted: January 28th, 2015 | Author: | Filed under: Atlantic City, Moodys, New Jersey | Tags: , , , | 1 Comment »

Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds

money-500x250This story was co-published with Marketplace. When the economy nosedived in 2008, it didn’t take long to find the crucial trigger. Wall Street banks had peddled billions of dollars in toxic securities after packing them with subprime mortgages that were sure to default. Behind the bankers’ actions, however, stood a less-visible part of the finance industry… Read the rest of this entry »
Posted: December 24th, 2014 | Author: | Filed under: Economy | Tags: , , , , , , , , , , | Comments Off on Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds

Moody’s: New Jersey’s Pension Funds Could Run Dry in Just 10 Years

If the state government doesn’t start properly funding its pension system, New Jersey’s two largest pension funds will run out of money in 10 to 13 years, creating a budgetary nightmare, Moody’s Financial Services warns. Based on the state’s failure to make required pension contributions over the past five years, including Gov. Chris Christie’s most recent… Read the rest of this entry »
Posted: December 5th, 2014 | Author: | Filed under: 2016 Presidential Politics, Chris Christie, Pensions | Tags: , , , | 1 Comment »

Monmouth County Debt Rated AAA for the 16th consecutive year

Freehoder Deputy Director Gary Rich, left and Freeholder Director Lillian Burry

Freeholder Deputy Director Gary Rich and Freeholder Director Lillian Burry at the Italian American Festival in Ocean Township last week.

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.

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Posted: August 15th, 2014 | Author: | Filed under: Gary Rich, Lillian Burry, Monmouth County, Serena DiMaso | Tags: , , , , , , , , , , | 24 Comments »

Moody’s Expects New Jersey To Use ‘One-Shots’ To Fill Shortfall

Moody’s Expects New Jersey To Use ‘One-Shots’ To Fill Shortfall (via NJSpotlight)

While Gov. Chris Christie is proclaiming that there is “nothing off the table” to close this year’s $800 million budget gap, Moody’s Investors Service said yesterday it will be keeping a close watch not only on how heavily the state relies on…

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Posted: April 30th, 2014 | Author: | Filed under: Chris Christie, Christie Administration, New Jersey State Budget | Tags: , , , | Comments Off on Moody’s Expects New Jersey To Use ‘One-Shots’ To Fill Shortfall

Moody’s Affirms Middletown’s Bond Rating

Moody’s Investors Services has affirmed its AA2 rating on Middletown Township’s $67 million general obligation bonds.

In a statement issued on Friday, March 23, the rating agency said,

“The Aa2 rating reflects the township’s sizable tax base, low debt profile, and sufficient liquidity and reserve levels. The affirmation also considers the township’s narrow fund balance of $2.14 million (or 3.5% of revenues) in fiscal 2010. The primary driver of the $3.70 million fund balance drawdown was due to an influx of negative tax appeal judgments following the 2009 revaluation, which resulted in $1.3 million impact on fund balance. Additionally, decreased state aid and increased health care and retroactive labor salary expenditures further pressured operations. However, in fiscal 2011, new management responsively conducted a reassessment of assessed valuation and reduced the budget by 5.8%. The unaudited year-end fund balance for fiscal 2011 is estimated to be $5.87 million (or roughly 9.2% of revenues). Moody’s expects the township to improve and maintain liquidity and Current Fund balance to reported unaudited figures. Inability to achieve such levels, will result in negative rating credit pressure.”

Moody’s recognised the Township’s prudent management, low debt level with rapid amortization and sizeable tax base with high levels of resident income. 

Mayor Tony Fiore said that he was very pleased by the rating agency’s opinion.  “At a time when many municipalities, including some of our neighbors, are seeing their credit ratings reduced, I am pleased that Moody’s recognised the prudent decisions that our administration has implemented during these most challenging economic times.”

Posted: March 26th, 2012 | Author: | Filed under: Middletown, Tony Fiore | Tags: , , , , , , , | 5 Comments »