SOMERVILLE, NJ – Moody’s Investors Service and Standard & Poor’s have reaffirmed Somerset County’s Triple-A ratings.
“Somerset County continues its sound financial planning practices, as evidenced by the Triple-A ratings,” said Freeholder Director Patrick Scaglione. “Higher ratings mean lower interest rates and substantial savings for our taxpayers.”
“Once again Somerset County was recognized for effective and efficient government. We spend wisely, invest in infrastructure prudently, we keep taxes stable,” said Freeholder and Finance Chairman Mark Caliguire. “What a great contrast to the State of New Jersey, where spending is not controlled and a slew of taxes were just increased.”
The Triple-A designations enable the county to get low-interest financing not only for its own projects but also for municipal and school projects financed through the Somerset County Improvement Authority. Somerset County has achieved these top ratings for more than 32 years. Out of over 3,000 counties nationwide, Somerset County is one of 100 with this distinction. And in New Jersey, it is one of only 6 counties with a triple-A rating.
“Somerset County has a history of strong management and conservative budgeting. The county has a long-standing debt and capital plan, which enables it to maintain stable debt service. In addition, the county has a history of seeking shared service agreements to reduce expenditures. And the county maintains a formal five-year financial forecast to appropriately manage operations,” Moody’s Investors Service stated in issuing its rating on July 16.
“The rating reflects our assessment of the county’s very strong economy; strong management, with good financial policies and practices; strong budgetary performance; very strong budgetary flexibility; very strong liquidity; strong debt and contingent liability position and strong institutional framework score,” Standard & Poor’s wrote in its July 16 rating assessment.