Strong Economy and Management Once Again Earns
Hamilton a Stable Outlook and High Marks from Standard & Poor’s
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Hamilton’s credit rating and outlook continue to earn strong marks from one prominent credit rating service, at a time when the State’s credit rating has repeatedly been downgraded.
Standard & Poor’s Rating Service recently reaffirmed Hamilton’s ‘AA’ credit rating status (maintained since May of 2014) and its stable outlook for the town’s outstanding debt.
Thanks in part to its “strong local economy” and “strong management”, Standard & Poor’s expects Hamilton to remain at its current credit rating level and to maintain a stable outlook over the next two years.
In its recent report, Standard & Poor’s based its outlook upon its view of Hamilton Township as having:
ü A strong economy
o In addition to Hamilton’s market value growing by 1.8% over the past year, Standard & Poor’s noted development projects taking place across the community (Mill One, Hamilton Point Center, FedEx distribution center and Homestead assisted living facility), the jobs that these projects will bring and how the projects are expected to increase Hamilton’s tax base
ü Strong Management
o In its report, Standard & Poor’s stated the following:
“We view the township's management as strong, with good financial policies and practices under our Financial Management Assessment methodology…”
ü Strong budgetary performance
ü Adequate budgetary flexibility
ü Very strong liquidity
ü Strong institutional framework
In its outlook, Standard & Poor’s reported that “The stable outlook reflects S&P Global Ratings’ opinion of Hamilton's stable operating performance, supported by strong management.”
The report was triggered by Hamilton’s continued reinvestment in its infrastructure that provides for road repairs, sewer system repairs and improvements to the community’s park and recreational facilities.
“While we continue our efforts to ensure no township tax increase, Standard & Poor’s recognition of our strong management practices and vibrant local economy is gratifying, but it is also very good news for our hardworking taxpayers,” says Hamilton Township Mayor Kelly Yaede. “This stable credit rating translates into lower interest rates, and lower costs, for our ongoing efforts to repave more roads, make needed sewer system repairs and to continue upgrading our park and recreational areas. Ultimately, it means we can continue to invest in our community’s future without paying higher interest costs to do so.”