Mayor Robert A. Sabosik is pleased to announce Moody’s Investors Service upgraded the Borough’s bond rating this week to an impressive Aa3 from the former A1.
“This is the first time Point Pleasant has ever achieved the Aa3 rating,” Mayor Sabosik said.
According to Moody’s, New Jersey municipalities cities have an institutional framework score of “Aa”, or strong. Point Pleasant Chief Financial Officer Himanshu Shah said the Aa3 bond rating means the Borough has ‘strong credit worthiness’ in comparison to other municipalities and tax-exempt institutions.
“This higher rating will save taxpayers money because it will allow the Borough to borrow at much lower interest rates,” Mr. Shah said this week.
The upgrade to Aa3, according to Moody’s, reflects the borough’s positive financial trend, substantial tax base and above-average wealth levels. The company also highlighted the Borough’s strong management and conservative budgeting, which includes only appropriating what is able to be replenished.
“Point Pleasant is so pleased that the Borough’s efforts have been recognized by Moody’s Investors Service,” Mayor Sabosik said after reviewing the report. “This rating upgrade is a direct reflection of our team’s commitment to sound business practices, capital investment and responsible long-term, financial planning.”
In addition to Mr. Shah’s efforts, Mayor Sabosik credited Business Administrator Frank Pannucci Jr. and Tax Assessor Robin Palughi, as well as department heads, division managers and employees for their hard work and dedication to Point Pleasant.
The Mayor also thanked Finance Committee Chairman John Wisniewski for his foresight and leadership and the entire Point Pleasant Borough Council for their continued support and willingness to make the tough budget decisions that have allowed the Borough to improve its financial position each year.
Throughout the rating process, the Borough received technical advice and guidance from Borough Bond Counsel Jan Wouters, Esq., of Bathgate, Wegener & Wolf, P.C., in Lakewood, NJ, and Borough Auditor Robert Allison, of Holman, Frenia & Allison, P.C., in Freehold, NJ.
“This bond upgrade is a big step in the right direction for Point Pleasant,” Mayor Sabosik said this week. “Our hard work will continue and we look forward to building on this success.”