Moorestown Gets Financial Upgrade From Moody's

MOORESTOWN, NJ — Moody’s Investor Service has expressed confidence in Moorestown’s financial standing by upgrading its credit standing, township officials announced this week. The upgrades were issued on Aug. 4.

Moody’s recently assigned an Aaa rating to the township’s $16.2 million Water and Sewer Utility Bonds Series 2017. This is the highest rating Moody’s can assign, and reflects its belief that Moorestown has an extremely strong capacity to meet its financial commitments.

Moody’s also upgraded Moorestown’s outstanding parity debt to an Aaa rating, which it says “reflects the township’s exceptionally strong financial operations with healthy reserve levels and strong management.”

Finally, Moody's gave Moorestown’s $11.6 million General Improvement Bond Anticipation Notes, Series 2017 an MIG 1 rating, the highest of three possible ratings it gives to a municipality’s bond notes. In doing so, Moody’s cited a “stable outlook and the township’s strong fundamental credit quality, healthy liquidity and established record of market access,” according to the township.

“The good news for Moorestown in achieving this status is that it gives us greater capacity for bonding at lower rates, placing us as one of only a few agencies in the state that can do so,” Moorestown Mayor Manny Delgado said. “We are committed to identifying and putting into practice sound fiscal policies that benefit everyone.”

Delgado praised the efforts of Township Manager and Chief Financial Officer Tom Merchel in guiding the township through four upgrades, beginning at A1 and moving up to Aaa.

Moody’s last upgraded Moorestown in 2015, when it was upgraded to Aa1 from Aa2. For the full history of Moody’s upgrades concerning Moorestown, visit moodys.com.

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