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Moody’s upgrades Bergen County from negative to stable

Photo Credit: Cliffview Pilot

CLIFFVIEW PILOT HAS IT FIRST: Moody’s Investor Services has raised Bergen County’s outlook from “negative” to “stable” in reconfirming its AAA bond rating, citing the county’s “sound financial position supported by strong management,” “substantial and diverse tax base” and “high wealth levels and proximity to New York City.”

The revised, upgraded outlook follows weeks of in-depth analysis requested by Bergen County Executive Kathleen A. Donovan.

“I knew we would hold up to the most intense scrutiny and in a time of continued economic uncertainty it is gratifying to offer the residents of Bergen County some good news,” Donovan said this morning.

The revised outlook details the county’s retail and commercial development, especially the Meadowlands American Dream, which is “expected to generate thousands of new jobs and further lower the unemployment rate.”

Bergen County was among hundreds of other governmental agencies advised earlier this year that their bond ratings might be downgraded because of the debt ceiling crisis.

In a July letter to Moody’s, Donovan cited the county’s “underlying financial strength despite the weakened economy.

“The decision to identify scores of local, county and state governments as having a negative outlook was predicated on the assumption that a credit default by the U.S. government would have disastrous effects on those entities,” she wrote.

That hasn’t been the case.


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