Moody's Could Downgrade Bergen County's Credit

Moody's Investors Service announced Thursday that has placed the Aaa credit rating of Bergen County under review for downgrade, along with those of 162 other local governments.

A downgrade would make it more expensive for Bergen County to borrow money.

In a statement, Moody's said the review was related to the service's July 13 decision to put the Aaa government bond rating of the United States under review for downgrade.

"The ratings of these local governments, particularly those with a high economic dependence on federal activity, would be vulnerable to a downgrade of the U.S. government," said Moody's Senior Vice President Matt Jones.

U.S. Sen. Frank Lautenberg (D-NJ) blamed Republicans for the possible downgrade, which could lead to higher costs for repairing and replacing roads, bridges and other infrastructure. Monmouth, Morris and Union counties have also been placed under review.

“The country is on the brink of financial disaster and Republicans continue their efforts to push us over the edge,” Lautenberg said. “Their refusal to compromise could devastate state, county and local governments as they try to recover from this economic downturn and plan for the future.  Republicans must abandon their ‘my way or the highway’ approach that will make it harder for New Jersey counties to invest in job creating infrastructure projects and other improvements throughout our state.”