Ocean County Maintains 'AAA' Bond Rating

Ocean County has maintained its 'AAA' bond rating, meaning taxpayers will be subject to prime interest rates when county officials borrow money to fund public projects, officials announced this week.

Both Fitch and Moody’s Investors Service, two major ratings agencies, have given Ocean County the AAA grade, highest financial available. Bond ratings range from Baa, the lowest, to AAA.

The rating came justified by good news, officials said – a report from Moody's lauded the county's substantial tax base, solid financial management and modest debt burden with no short term borrowing – but a loss of tax base due to Superstorm Sandy plus the county's lead in paying for Sandy cleanup costs contributed to a negative outlook.

"This negative outlook will be countered by future growth, albeit slow, in the county’s tax base as rebuilding and recovery continues,” Freeholder John C. Bartlett said in a statement.

Bartlett defended the county's decision to act as a lead agency in removing debris after the storm, saying additional reimbursements from FEMA are expected to defray the overall cost.

"It was important for the Board of Freeholders to take action that would help towns move mounds of debris from the streets in order for the rebuilding to get under way," Bartlett said."“Because of sound fiscal practices, the county was in a position to undertake this part of the recovery, assisting its towns and its citizens in the aftermath of the storm."

Fitch’s rating came with a stable outlook, officials said, largely due to the way the county's finances have been managed.