County Executive Dennis Levinson is proud to announce Atlantic County has retained its top tier credit ratings of Aa2 by Moody’s Investors and AA by Standard & Poor’s Global Ratings, both with stable outlooks.
“These ratings confirm the success of our efforts to diversify and grow our economy without putting our taxpayers at risk,” said Levinson. “The better our rating, the lower interest rate we pay for purchases and capital projects, helping our taxpayers keep more money in their pockets.”
One such project is the construction of the second building at the National Aerospace Research and Technology Park, which held a topping-off ceremony on May 30. The $18.5 million, 40,000 square-foot building is partially financed by Atlantic County which fully funded the first building that is now 100% occupied.
Standard & Poor’s recognized the growth in the aerospace industry as a positive economic indicator, while Moody’s noted the county’s economic growth is outpacing much of the region.
“We are committed to developing new industries, creating high paying jobs, and growing our workforce to create a sustainable future for Atlantic County,” Levinson said.
Atlantic County’s strong budgetary performance was attributed by Standard & Poor’s to effective budgeting practices and long-term planning.
The county’s long-term planning includes a seven-year financial plan with annual updates and quarterly budget-to-actual monitoring and reporting in addition to a six-year capital improvement plan with identified projects and funding resources.
Moody’s also cited the county’s modest long-term liabilities compared to most other New Jersey counties.
“Atlantic County continues to provide conservative budgets with healthy reserves to maintain stable financial operations,” stated Levinson. “Earlier this year we announced a nearly 2-cent tax rate decrease for 2025 following last year’s 2.5-cent decrease.”
Like Moody’s, Standard & Poor’s issued a stable outlook for Atlantic County.
“Despite a slowing economy and uncertainties surrounding federal policy decisions, we believe that budgetary flexibility coupled with management’s proactive response to budget deviations should enable Atlantic County to sustain balanced operations,” Standard & Poor’s reported.
“Atlantic County taxpayers can rest assured that under my watch, and with the cooperation of the Board of Commissioners, county government will continue to operate in their best interests and with the utmost fiscal responsibility,” added Levinson.