Atlantic County again received top credit ratings from Moody’s Investor Service and Standard and Poor’s Global Ratings this week, with the agencies saying the government has strong financial management practices, detailed planning, and aggressive efforts to promote economic diversity.
Moody’s assigned Atlantic County an Aa2 rating with a stable outlook while S&P Global Ratings affirmed its AA rating which it first assigned the county in 2008.
“Atlantic County’s management is strong with conservative budgeting practices guided by multiyear planning,” Moody’s said in a statement. “The county has a history of preparing in advance for possible contingencies which has helped offset some of the uncertainty related to Atlantic City.”
County Executive Dennis Levinson credited his staff including County Administrator Jerry DelRosso, Deputy County Administrator Diana Rutala, County Treasurer Bonnie Lindaw and Budget Officer Jeff Monroe.
“Through the challenges of multiple casinos closings, innumerable tax appeals, the flawed PILOT legislation and more, county government has maintained its financial stability,” Levinson said in a statement. “We also had the foresight to develop an economic development strategy and action plan to help create new industries, generate new jobs, and enhance the quality of life for our residents.”
The rating agencies also cited the county’s low debt burden, strong liquidity, budget flexibility and modest pension burden as additional assets that contributed to the ratings.
Levinson said part of the success was because the county has not skipped a pension payment.
“These ratings are like our financial report card in grading our overall credit-worthiness. And Atlantic County has proudly earned straight A’s,” Levinson said.