Long Branch's Credit Rating Improves, Mayor Pallone Says

LONG BRANCH, NJ — The city of Long Branch now has an Aa2 borrowing rating from Moody's, Mayor John Pallone announced this week.

This is an increase from Long Branch's prior Aa3 rating (which is still quite good), and it means the city has a good credit score from lenders. Long Branch can therefore borrow more money to make improvements to things like parks, roads, new buildings and playgrounds.

"For many, many years, we remained at a Aa3 rating," said Pallone. "To jump to a double-A rating is something that we are very proud of. This really shows just how financially stable we are as a whole and how the city’s economy is growing."

The rating, also known as the Moody's rating system, shows the credit quality of a town or city as a whole and demonstrates the city's general creditworthiness.

Pallone said it means Long Branch's finances are stable.

"Long Branch is a great community to live and work in. A lot of great things are happening here and we are proud that Moody's was able to see this," he said.