NORTH PLAINFIELD, NJ - Moody’s Investors Service assigned an A1 Rating to the Borough of North Plainfield’s current and outstanding debt back on May 20th. According to Borough officials this rating maintains the Borough’s favorable standing in the Municipal Bond Market in the upper tier of bond ratings.
North Plainfield Business Administrator David Hollod said “this rating is extremely important to the Borough of North Plainfield for several reasons. First, it positions the Borough favorably for competitive interest rates as the Borough holds a bond sale in the next couple of weeks. Second, it reaffirms the borough’s strong financial standing with regard to its current outstanding debt. Third, it recognizes the Borough’s efforts in maintaining efficient local government operations.”
Mayor Michael Giordano commented, “This is very positive news for the Borough in that it allows us to sustain our investments in our community at very favorable interest rates, thus easing the burden on property taxpayers and allowing us to make much needed improvements to our buildings, parks, roads and sewers.”
Mayor Giordano added that Moody’s report acknowledged that its rating reflects the Borough’s “…strong financial operations with healthy reserve levels, moderately-sized tax base, average socioeconomic wealth levels, and modest debt burden.” The report also commented favorably on the Borough’s active redevelopment efforts which have helped stabilize the tax base.
Mayor Giordano said that the public should find Moody’s statement that “The borough’s management has aggressively sought to contain costs and budget conservatively” particularly gratifying.
“The State government in Trenton should be doing as well as North Plainfield.” Mayor Giordano stated, upon reflection that the State’s Bond Rating has been downgraded eight times in the past six years. “In fact, a representative from Moody’s pointed that the State’s unresolved fiscal issues represent a drag on all municipalities’ debt ratings.”
“The public should find Moody’s statement that “The borough’s management has aggressively sought to contain costs and budget conservatively” particularly gratifying. I would like to thank our CFO Patrick DeBlasio, Auditor Robert Morrison, Attorney Eric Bernstein, Bond Counsel Everett Johnson and Administrator David Hollod for their efforts to achieve this rating and for their steady hand in maintaining the Borough’s good financial health” said Giordano.