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Moody’s Reaffirms Union County’s Aaa Bond Rating

Union County’s Aaa bond rating was reaffirmed by Moody’s Investor Services this week. The County maintains its strong financial position looking forward through 2022 and beyond. A rating of Aaa is the highest a county government can achieve. 

“The reaffirmation of a Aaa rating from Moody’s reflects the efforts of our County Management team and affirms our ability to continue fulfilling the civic mission of County government administration in the sectors of public safety, public works, human services and other foundational programs,” said Chair Rebecca Williams.

In its report, Moody’s noted that the Aaa rating reflects the county’s strong fundamental credit quality, reflected in its Aaa GOULT rating, healthy liquidity, and established record of market access.

 “As Chairman of the County Commissioner Fiscal Committee, I am proud of our continued efforts to responsibly manage our County’s budget as we provide for the many important needs of our residents. We strive to demonstrate fiscal responsibility with tax dollars, and this is our third consecutive year with a zero percent tax increase, all while maintaining current services and creating new programs to benefit residents as we navigate the post-pandemic recovery,” said Commissioner Sergio Granados. “County Management has worked aggressively towards our policy objectives while maintaining operating efficiency and that has led to material financial gains. This Aaa rating is a testament to the arduous work of our County Manager, Edward Oatman and Finance Director, Bibi Taylor. ”

“The Aaa rating also applies to the County’s outstanding general obligation unlimited tax (GOULT) debt. This reflects the county’s favorable location and strong economy. Union County is located immediately adjacent to New York City (Aa2 stable) and benefits from easy access to major transportation networks. In addition, strong county management has aggressively pushed operating efficiency, leading to extremely strong finances. The rating also considers the county’s above average wealth and resident incomes and low long-term liabilities.”

“The MIG 1 short-term rating reflects the county’s strong fundamental credit quality, reflected in its Aaa GOULT rating, healthy liquidity, and established record of market access. The pandemic has not had a material impact on the county. The county’s property taxes are guaranteed by its municipalities and management is exceptionally strong and made budgetary adjustments early on in the pandemic,” explained Moody’s.

Among the benefits, maintaining an Aaa rating means the County can borrow money at the lowest available interest rates, saving tax dollars.

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For more information and updates on all Union County services during the COVID-19 outbreak, including free vaccination, free testing, emergency food distribution and other support services, visit ucnj.org/covid19. General information about COVID-19 is available through the New Jersey Department of Health at nj.gov/health.

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For all Union County programs and services visit ucnj.org, call the Public Info Line, 877-424-1234, email info@ucnj.org or use the online Contact Form.

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