Moody’s Investor Service has upgraded Moorestown’s bond rating to Aaa, according to a release issued by the Township of Moorestown on Wednesday, Aug. 9.
The following is a release from the Township of Moorestown:
Moody’s Investor Service recently assigned an Aaa rating to the Township of Moorestown’s $16.2 million water and sewer utility bonds, series 2017. Additionally, Moody’s further upgraded the Township’s outstanding parity debt to an Aaa rating.
According to Moody’s, “the upgrade to Aaa reflects the township’s exceptionally strong financial operations with healthy reserve levels and strong management.”
Concurrently, Moody’s has also assigned a MIG 1 to Moorestown’s $11.6 million General Improvement Bond Anticipation Notes, Series 2017 — citing a “stable outlook and the Township’s strong fundamental credit quality, healthy liquidity and established record of market access.”
“The good news for Moorestown in achieving this status is that it gives us greater capacity for bonding at lower rates, placing us as one of only a few agencies in the state that can do so,” said Moorestown Mayor Manny Delgado. “We are committed to identifying and putting into practice sound fiscal policies that benefit everyone.”
“Special recognition goes to Moorestown Township Manager Tom Merchel, who led the effort to improve our bond rating and guided the township though four upgrades starting at A1 and placing us at Aaa today,” Delgado said.