WESTFIELD, NJ — On Friday, Standard & Poor's Ratings Services announced that the town of Westfield’s long-term credit rating remained at AAA, Councilwoman JoAnn Neylan announced at Tuesday night’s town council meeting. AAA is the highest rating available.
“Following in the footsteps of our former chair of finance, our capable Councilman Della Fera, who outlined much of the town’s current financial course, we received another triple-A bond rating by Standard & Poor’s last week,” Neylan, who serves as chair of the finance policy committee, said.
“What this triple-A rating means to you and me as tax payers, and why it’s such good news for our town, is because this rating saves us money when we go to sell our bonds,” Neylan explained. “We expect an excellent rate and we will pay less interest as a result than we would otherwise pay if we had a poor rating.”
Westfield is one of only 18 towns out of 565 in New Jersey to receive a AAA bond rating from Standard & Poor’s, Neylan said.