(Gloucester County, NJ)—Gloucester County’s local economy continues to benefit from growth in the higher education, medical and logistics industries according to Moody’s Investors Service.
Moody’s is an independent rating agency that reviews historical and current financial data, practices, and planning capabilities of Governmental Agencies. An independent rating agency’s opinion strongly matters when it comes to the financial health marketability of financing loans and long-term debt by achieving the lowest possible interest on borrowing.
“The county’s management team is extremely hands-on in controlling daily operations across all county departments,” said Freeholder Director Robert M. Damminger. “We generate five-year financial forecast that set estimated reserve targets which we historically meet.”
The Moody’s credit analysis takes into account current conditions and states that the coronavirus outbreak is a social risk under their ESG framework as it has substantial implications on public health and safety. However, the analysis states that there are no immediate credit risks for the county because of many indicators including the county's sound fiscal policies.
This upgrade reflects Gloucester County’s credit strengths, its strong financial performance leading to growth in reserves, a sizable expanding tax base and manageable long-term liabilities, healthy financial position and declining debt burden. It’s concluded that Gloucester County’s financial position will remain healthy in the near-time despite pressures of the pandemic.
“In an unprecedented time of a national health pandemic, many governmental agencies are struggling and are receiving either a ‘no change’ or a ‘reduction’ in their credit rating. Therefore, this upgrade for Gloucester County is significant and sends a strong message to the financial world that Gloucester County is better than ever,” added Freeholder Director Damminger.
You can read the full report and analysts on Moody’s Investors Services’ website, moodys.com.