Moody’s cited the County’s financial stability and strong budgetary action in the wake of the COVID-19 pandemic. The report also touted the County’s strong tax base, finances, favorable location, modest debt and pension burden as criteria for the certification.
“Triple-A recertification saves the County hundreds of thousands of dollars annually through lower interest and financing rates, which is a great opportunity for municipalities to partner with the County to realize substantial savings and outstanding news for Bergen County taxpayers,” said Bergen County Executive Jim Tedesco. “As local government and businesses across the nation continue to grapple with financial strains during time of COVID-19, this recertification is a testament to the exceptional financial team at the County of Bergen.”
“The reaffirmation of Bergen County’s Triple-A bond rating is a testament to the decision making, hard work, and sound fiscal management by County Executive James J. Tedesco III, the administration, and the Bergen County Board of Commissioners. The COVID-19 pandemic created unprecedented financial challenges, but the County’s strong fiscal foundation has given us the ability to navigate these uncertain economic times” said Bergen County Commissioner Chairman Steven Tanelli.
A Triple-A bond rating means the County has exceptional credit worthiness and can easily meet its financial commitments. The County can get the lowest interest rates when borrowing because a Triple A rated government entity is viewed in the financial world of having the smallest risk of defaulting on its debt. That equates to lower borrowing costs which allows for lower costs to finance capital projects.