Bloomfield Gets Boost To Bond Rating, Scores Financial Win

BLOOMFIELD, NJ — Bloomfield recently got a boost to its Moody’s score, and it’s a win for everyone in the township, a councilwoman says.

Moody's Investors Service released an update on the township’s bond rating analysis in February. Moody’s assigned an Aa3 rating to Bloomfield’s proposed $24.2 million General Obligation Bonds, and $5.7 million Parking Utility Bonds.

In addition, the township's $7.7 million General Obligation Notes received a MIG 1 short-term rating – all of which add up to good news for Bloomfield, according to Councilwoman Jenny Mundell.

The councilwoman cheered the new rating in a statement on Tuesday:

“The Aa3 issuer rating signifies the township's robust financial position, supported by a thriving local economy and a continuously expanding tax base. Despite elevated long-term liabilities and high fixed costs, largely due to substantial other post-employment benefits liabilities, the township's resilience shines through. The favorable location near New York City and ongoing redevelopment activities contribute to the positive outlook, ensuring sustained growth in the tax base.”

“Despite facing financial challenges in recent years due to the pandemic and inflation, we have weathered the storm thanks to strategic planning and resilience,” Mundell said. “Our efforts have laid the foundation for a prosperous future.”

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