Bloomfield’s Bond Rating Gets Boost From Moody’s

BLOOMFIELD, NJ — Bloomfield’s bond rating with Moody's Investors Service recently got a boost to Aa2, one of the highest available, township officials said.

Why should Bloomfield residents care? According to a municipal news release:

“The improved bond rating will enable the Township to achieve lower interest rates on future bond issues and long-term debt used to pay for capital improvement projects, potentially saving taxpayers hundreds of thousands of dollars in reduced debt service payments.”

Moody’s said that factors such as Bloomfield's "large tax base," "ongoing development" and "strong finances” contributed to the rating increase.

See the full Moody’s report here.

"Bloomfield has come a long way in a short time in the last few years and the credit goes to the mayor and council for their vision in moving the community forward, as well as the business community that continues to invest here," Township Administrator Matthew Watkins said.

“This rating is further proof that our financial management plan and our sustainable approach to development are paying off,” Mayor Michael Venezia said.

• See related article: Moody's Upgrades Newark's Financial Outlook

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