Atlantic County Government Earns High Credit Ratings

Atlantic County Government has once again received top tier credit ratings by the world’s largest credit rating agencies.

Moody’s Investors Service recently assigned the county with an Aa2 rating, along with a stable outlook and Standard and Poor’s assigned the county with an AA rating, also with a stable outlook.

Atlantic County government has maintained these ratings for the past 13 years. Few achieve this record of longevity.

Not even an unprecedented global health pandemic derailed this record of achievement.

Atlantic County Executive Dennis Levinson released the following public information as follows:

Relative to the COVID-19 pandemic, Moody’s highlighted that the county “adjusted its budget, delayed hiring and canceled certain projects to maintain stability. The report added, “The county has a history of preparing in advance for possible contingencies, which has helped with some of the uncertainty related to Atlantic City.”

Standard and Poors said, “We view the county’s management as very strong, with strong financial policies and practices. Atlantic County has a seven-year financial plan that officials update annually, along with quarterly budget-to-actual monitoring and reporting.”

Levinson credited his team saying, “We are extremely proud of these ratings that serve as our financial report card,” said Levinson.

“What this means for our taxpayers is that we are able to secure lower interest and financing rates for projects, resulting in significant savings. It has also been our policy to pay-as-you-go so future generations are not saddled with our debt. We also understand the importance of maintaining a surplus to provide flexibility when faced with the unexpected,” concluded Levinson.

Atlantic County has been referred to by many as the best run county in the state.

Results like this are the reason why.

SOURCE: Atlantic County Government