Mayor touts Hoboken’s S&P AA+ rating
Hi MSV readers,
I have some great news to share – Standard & Poor’s Global Ratings reaffirmed Hoboken’s excellent AA+ bond credit rating. The AA+ rating is the second highest rating it can issue for a municipality. S&P’s report confirmed Hoboken’s strong financial footing, including our very strong budgetary flexibility, prudent financial management practices, and very strong economy.
The AA+ rating is critical for our City, as it allows us to invest in important infrastructure including the second flood pump, the Washington Street project, construction of new parks, upgrades to our water main system, and more. Thanks to our AA+ credit rating, we are able to continue investing in critical projects that lead to a better quality of life for our residents.
When I came into office, Hoboken was a financial disaster, with its credit rating just above junk bond status. Thanks to our prudent financial decisions and efficient management in collaboration with the City Council, improving our credit rating to AA+ in 2013 has been one of my proudest accomplishments since taking office.
I look forward to letting you know about the budget we are introducing next week.