Hamilton Earns Credit Rating Upgrade from Standard & Poor’s
At a time when the State of New Jersey’s credit rating has been downgraded, Mayor Kelly Yaede has announced that Hamilton Township has earned a credit rating upgrade from an independent rating service.
Recently, Standard & Poor’s Rating Service upgraded Hamilton Township’s long-term credit rating to ‘AA’ status from its prior ‘AA-‘ level, and awarded the municipal government with a stable outlook.
Standard & Poor’s stated that its rating reflects a positive assessment of Hamilton Township in several areas, such as:
A strong local economy
Adequate budget performance
Very strong liquidity
Strong Township management, characterizing Hamilton’s practices as "good" under the rating service’s Financial Management Assessment methodology
In its outlook, Standard & Poor’s reported that “The stable outlook reflects Standard & Poor's opinion of Hamilton's current operating performance, strong economy, and stable tax base.”
Additionally, the rating service indicated the possibility for a future upward rating movement with further improvements, with the unlikelihood of changing Hamilton’s rating within the next two years.
“This upgrade in Hamilton’s credit rating, from an independent and credible financial rating service, illustrates that our administration’s strong financial management and stewardship of the public’s tax dollars continues to earn positive results that will benefit our taxpayers. This upgrade in our credit rating will help us continue to complete more road repairs and needed infrastructure improvements at a lower cost for our taxpayers, through lower interest rates,” says Hamilton Township Mayor Kelly Yaede.