Marlboro Township Maintains Aaa Long-Term Rating From Moody’s: See Details

MARLBORO, NJ — Moody’s Investors Service has assigned a MIG 1 short-term rating to the township’s $24.5 million in bond anticipation notes, and maintained the township’s ‘Aaa’ long-term rating, Mayor Jonathan Hornik recently announced.

The MIG 1 designation is the highest rating assigned to short-term note issuances, and Aaa is the highest rating assigned to long-term obligations.

Moody’s first assigned an Aaa rating to Marlboro’s bonds in 2021.

“Marlboro’s credit remains the highest grade available in the marketplace,” Hornik said. “This means that our taxpayers continue to benefit from the lowest possible costs for roads, parks and recreation and other capital improvements.”

In its report, Moody’s highlighted the township’s strong local economy and resident income levels, as well as the township’s healthy financial ratios, affordable debt levels and sound management practices, officials said.

The rating serves as a “direct reflection of the township’s conservative budgeting, maintenance of and adherence to strong fiscal policies,” according to Hornik.

“The township’s balance sheet continues to improve due to conservative budgeting and strong operating results,” Hornik said. “I want to personally thank the Township Council for the extraordinary bipartisan teamwork that makes this accomplishment possible.”

Moody’s upgraded Marlboro’s credit rating to Aa1 in 2016. In 2017, Marlboro’s credit rating was upgraded again, this time, by Standard & Poor’s (S&P), to AAA, the second credit rating upgrade in two years.

In 2021, Moody’s upgraded Marlboro’s credit rating again to Aaa.

In its report, Moody’s made a special note of the fact that the township was able to hold its reserves steady, despite several non-recurring expenditures.

“Like local governments throughout the state, Marlboro has faced dramatically higher costs related to severe storms, overall inflation and a State Health Benefits Program that is completely out of control,” Hornik said.

“The financial pressures are a reality. What differentiates this town is how it responds,” he continued. “We responsibly establish reserves for rainy (and snowy) days, and modify our programs when needed, this time with health insurance, in order to reduce costs for taxpayers over the long term.”

In light of Moody’s reference to the township’s “sound management practices,” Hornik also cited the work of the township’s management team and governing body.

“The administration and finance professionals are very strong and possess a deep knowledge base,” he said. “I am so proud that an outside independent rating agency has once again recognized our work, which continues to involve tackling difficult decisions during challenging economic times.”

“These decisions, which have ultimately resulted in a brighter fiscal outlook, and the township council’s continued review of the township’s finances and involvement in the budget process have been critical to our success.”

As part of its rating process, Moody’s reviewed the township’s six-year capital plan and, as in the past, acknowledged the township’s commitment to capital improvements going forward.

“We continue to make the case that investments in infrastructure, especially at a time of historically low interest rates, is good policy, which is the rationale behind my $35 million road paving initiative,” Hornik said.

“Marlboro’s philosophy with respect to an active and managed capital program was validated in this rating review,” he continued. “Aaa credit enables us to invest in our infrastructure at the lowest cost available.”

As of January 2026, only six municipalities, representing 1% of New Jersey towns, were rated both Aaa by Moody’s and AAA by S&P.

“Aaa ratings are hard to come by, and equally if not more challenging to maintain, especially in the midst of severe storms and a record-breaking winter, a health insurance crisis and overall worldwide economic turbulence,” Hornik said. “Two preeminent independent bond rating agencies, S&P and Moody’s have given the Township’s credit the highest rating available.”

“This is a testament to our collective hard work and represents another great victory for Marlboro taxpayers.”

Marlboro Township financial documentation can be found on the website at www.marlboro-nj.gov under “Financial Documents.”