SUMMIT, NJ - Three bond rating agencies have affirmed the City of Summit's AAA bond rating, and Standard & Poor's, which has added additional detail to its ratings, has enhanced Summit's rating from AAA with a “standard” outlook, to AAA with a “good” outlook.
This essentially puts the Summit in the most favorable light with lenders, which translates into the lowest possible interest rates when borrowing. Summit is set to go to the capital markets next month to bond its long-term projects, and this positions the City to acquire the lowest interest rates, which directly affects taxpayers.
Additionally, the ratings project a level of prestige upon the city, its staff and officials, relative to the administration of the city itself. It is believed that no other municipality in New Jersey has earned a AAA rating by all three agencies.