BAYONNE –- Moody’s Credit Rating Service said on Monday, May 11 that it was affirming the City’s “Baa1” credit rating, and upgrading the rating’s underlying outlook from “stable” to “positive.”
“Having an independent entity come in and confirm what we believed to be true is welcome news,” Mayor James Davis said. “The outlook upgrade is an objective sign that things are moving in the right direction, and that the plan put in motion is working.”
The report issued by Moody’s cited “improving financial position and reduced reliance on one-time revenues” as reasoning for the city’s outlook upgrade. In addition, the report referenced the “transition to structural balance” as a possible cause for a future credit upgrade.
“That is exactly what we are pursuing. The work that will be done in the months and years ahead will determine the future of our city,” Davis said. “This is a monumental undertaking. I continually thank the good people of Bayonne for their patience and confidence as we press on.”
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