Township Of Millburn: Millburn Township's Bond Rating Shows Strong Financial Position

Press release from the Township of Millburn:

February 9, 2023

MILLBURN TOWNSHIP (February 09, 2023) As an indicator of Millburn Township’s strong fiscal position, Moody’s Investor Services has assigned an initial Aaa issuer bond rating to the Township, the highest bond rating assigned by the company. Millburn Township was last rated in 1996 and received a Aaa bond rating at that time as well.

Such a strong rating underscores the creditworthiness of Millburn Township as an issuer of bonds, signifying the municipality has strong financial backing, excellent credit reserves, and limited debt.

Moody’s has assigned a MIG 1 to the Township’s $4 million General Obligation Bond Notes. The rating reflects a strong underlying credit quality and demonstrated history of market access. The current debt to budget ratio for the Township is 6%. The outlook is stable.

According to the Moody’s press release, as with all local governments, governance is a key driver of this rating. The township has a history of conservative, stable management and budgeting. This has enabled the township to eliminate its long-term debt in favor of small BAN issuances and pay-go capital while maintaining healthy finances.

With the Aaa bond rating, following a detailed review of the Township’s finances by third-party independent fiscal experts at Moody’s, Millburn Township can borrow money at the lowest interest rates available.

“Our excellent financial rating is a testament to many years of astute fiscal management,” explained Matt Laracy, Millburn Township CFO. “From the top-down, Millburn Township is committed to the responsible governance of taxpayer funds. This is validation of those efforts and a proud achievement for the community.

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All media inquiries may be directed to Millburn Township’s Public Information Officer Kristina Sternesky at 973-564-7054 or ksternesky@millburntwp.org

This press release was produced by the Township of Millburn. The views expressed here are the author’s own.