Reflective of Township’s Fiscal Discipline and Strong Credit Position
CHATHAM TOWNSHIP, NJ – October 11, 2018 – The Chatham Township Committee announced that Chatham Township received at Aaa rating from Moody’s Investors Services with a stable outlook. Moody’s cited Chatham Township’s extremely strong credit position for its rating. The report can be viewed here.
Mayor Curt Ritter, speaking on behalf of the Committee, said, “This is great news for Chatham Township and its residents and highlights the hard work and fiscal discipline of the Township Committee, our Administrator Tom Ciccarone, and CFO Debra King. Our Aaa rating is significantly above the U.S. cities median and in issuing its report, Moody’s indicated Chatham Township maintains a very healthy financial position, a very strong wealth and income profile, and a sizable tax base. Chatham Township residents should take pride in knowing that their municipal finances are being managed so well.”
Moody’s also indicated in its report, “The Township has a robust financial position. The cash balance as a percent of operating revenues (115%) is far stronger than the U.S. median, and saw an impressive increase between 2013 and 2017. Furthermore, the fund balance as a percent of operating revenues (41.7%) is slightly above other Moody's-rated cities nationwide.”