Morris County Maintains Triple-A Bond Rating Reflecting Strong Economy

MORRISTOWN – A strong tax base, diverse economy, and light debt load all lead to Morris County’s Triple-A bond rating, which the region has had since 1975.

Just as impressively, the county was the first in New Jersey to attain the ranking, and is one of only 11 in the nation to hold the rating.

Moody’s Investors Services, Inc. and Standard and Poor’s bond rating agencies gave Morris County the nod recently, with S&P stating, “Morris County general obligation bonds are eligible to be rated above the sovereign because the county can maintain better credit characteristics than the U.S. in a stress scenario.”

“This is excellent news for Morris County taxpayers because it allows us to get the best rates on the refinancing of general obligation bonds, saving our county a lot of money’’ said Freeholder Director Kathy DeFillippo. “The top rating also verifies the continued economic health and prosperity of our county.’’

The county has reduced its debt service by about $30 million in the past three years, particularly through continued restraint of spending for capital projects. The freeholders anticipate a continued reduction of $10 million annually over the next three years under a fiscal plan the board has implemented.