NEW PROVIDENCE, NJ - The borough was recently awarded two AAA ratings and an upgraded AA1 rating from Fitch Ratings, Standard and Poor's and Moody's for its upcoming $9.98 million general obligation bonds. The bonds will be sold on June 17.
“We are extremely proud of this accomplishment. There is a lot of hard work that went into this," said Mayor Al Morgan, who cited the "great work of all of our professionals who have worked very hard to achieve these stellar ratings."
"The borough's strong financial management and prudent budgeting practices have led to the maintenance of ample reserve levels, providing the borough with a high degree of financial flexibility," Fitch stated in its report on New Providence.
In its appraisal, Moody's said, "The rating ...takes into account the borough's sizeable tax rate, strong socioeconomic wealth levels, and low debt burden."