SOUTH PLAINFIELD, NJ – Moody’s Investors Service published an issuer comment and credit overview last week regarding the Borough of South Plainfield’s outstanding debt and financial position.
According to the report “the Borough has a healthy financial position which is aligned with its Aa2 rating.”
“It’s great to see the rating agencies notice the hard work of Borough Chief Financial Officer Glenn Cullen and the Administration and Finance Committee,” said South Plainfield Mayor Matthew Anesh. “This is really a shared success for all the departments of the Borough.
According to the report “South Plainfield has a very high quality credit position, and its Aa2 rating is slightly above the US City median of Aa3. The rating reflects an affluent socioeconomic profile with a healthy tax base, and a strong financial position. It also takes into account an extremely small debt liability with a sizable pension base.”
“This is no surprise to me,” said South Plainfield Council President Robert Bengivenga. “Administration and Finance has been working hard to make sure the Borough’s finances remain sound.” In the report Moody’s complemented the Borough’s management and governance remarking the Borough’s balanced financial operations indicate good financial management. “I couldn’t agree with Moody’s more,” said Council President Bengivenga.”