BAYONNE – In its review of the city’s financial position, Moody’s Investors Service upgraded Bayonne’s credit rating from Baa1 to A3. This upgrade comes after an outlook upgrade from “stable” to “positive” last year.
Explaining its reasoning, Moody’s stated in the report that, “City management has taken strong steps to improve Bayonne’s finances. Notable recent successes include weaning the city of cash flow notes and materially reducing the structural imbalance.”
“This is great news for the city, and shows that all of the time and effort we put toward moving Bayonne in the right direction is paying off,” Mayor James Davis said.
Redevelopment, a key component of Davis’s agenda, was also cited by Moody’s as a reason for the upgrade.
“The city’s tax base will begin to grow given its access to employment opportunities in the New York City area, average demographic indicators, and extensive ongoing development,” the report stated.
“Development and redevelopment remains a top priority for us. It’s what will cure the structural revenue deficit we inherited and face at the start of each new year,” said Davis.
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