WEEHAWKEN, UNION CITY, AND BEYOND – Weehawken has been lifted out of junk bond (or “speculative grade”) territory by credit rating agency Moody’s Investors Service as of Dec. 27., according to a story at NJ.com. Weehawken was downgraded to junk status in July of 2010.
Moody’s cited several positive changes in relation to Weehawken’s $5.04 million in general obligation debt: its continued waterfront redevelopment, its decreased reliance on tax-anticipation notes for cash flow, and a reported surplus of $271,000.
Separately, on Dec. 21 Moody’s removed Union City from its downgrade watch list after the city received restorative aid from the state.
Five NJ municipalities retain their junk status: Harrison, Collingswood, Salem, Irvington and Camden.