Moody’s Investors Service released a report last week reaffirming North Bergen’s excellent Aa3 bond rating and crediting Mayor Nick Sacco’s administration’s handling of township finances. The rating applies to the township and the North Bergen Municipal Utilities Authority’s debt obligations, which have consistently dropped over the last ten years. Moody’s specifically pointed to North Bergen’s leadership, crediting it as a “prudent management team” and also mentioned its “sizeable tax base with proximity to New York City” and “strong current fund reserves.”
“North Bergen is in as strong a financial position as it has ever been in and I am proud to see Moody’s reaffirm our outstanding bond rating,” said Mayor Sacco.
Mayor Sacco continued: “This rating is a testament to the hard work of our financial management team, our ability to attract businesses to the township to grow our ratable base and our record of maintaining one of the state’s most stable property tax rates.”
Moody’s defines its Aa3 rating as “high quality and very low credit risk,” making bonds issued by municipalities carrying the rating attractive to investors. This then allows municipalities with excellent ratings like North Bergen to issue debt to pay for public improvements, parks and other projects at lower interest rates, saving taxpayers significantly while the loans are repaid.