Business & Finance

Mayor Bollwage Announces City AA3 Rating and Stable Outlook from Moody’s Investors Service

Elizabeth City Hall Credits: Fran Sullivan

ELIZABETH, NJ—Moody’s Investors Service Ratings, a leading provider of credit ratings, research, and risk analysis, has assigned the Aa3 rating for Elizabeth with a remaining stable outlook, Mayor J. Christian Bollwage announced today, March 10.

According to Moody's Investors Service, “the stable outlook reflects our expectation that the City’s financial position will remain healthy given its strong management and growth prospects.” The report also noted credit strengths, which included, but were not limited to: conservative budgeting practices and multi-year financial planning as well as continued economic development of the tax base. The MIG 1 note rating also reflects the City’s strong fundamental credit quality, healthy liquidity and established record of market access. “

“Maintaining our Aa3 bond rating and stable outlook demonstrates the City’s proactive measures and commitment in implementing successful economic development initiatives,” said Mayor Bollwage. “I remain confident that Elizabeth will carry on approaching financial decisions analytically and responsibly. Building upon our impressive assets and continuing transformation, we will keep moving our municipality forward, solidifying our designation as a great place to live, invest and do business.”

This rating reflects the city's substantial tax base, strong financial position and strong industrial presence related to New York City and Port Newark-Elizabeth. Furthermore, in addition to Elizabeth’s strong fiscal controls and practices, ongoing redevelopment including the anticipated expansion of The Mills at Jersey Gardens mall, along with new retail, commercial, mixed-use properties and warehousing initiatives, are contributing to ongoing progress throughout the community.    

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