FAIR LAWN, N.J.– Moody's Investors Service has assigned Fair Lawn an Aa1 rating, its second-highest level.
“A significant factor in the borough’s rating is the low debt burden for our residents” said Borough Manager Jim Van Kruiningen. “This Aa1 rating reflects Fair Lawn’s current debt obligations as judged to be of high quality and subject to very low credit risk. The mayor and council continue to have a judicious approach to borrowing with the community’s long-term needs in balance with affordable tax rates.”
The rating was an upgrade, reflecting Fair Lawn's substantial tax base, high wealth levels, strong fundamental credit quality, excellent liquidity, established record of market access and strong finances, according to officials.
The Aa1 rating allows the borough to secure low-interest financing for capital projects, and assists with cash flow management throughout the year, according to officials.
“Moody’s recently announced credit rating improvement for Fair Lawn ensures a strong financial outlook for our residents as we maintain an appropriate surplus and do not over-spend or accrue large amounts of debt,” said Mayor John Cosgrove. “As we head into the 2017 budget process, savings like this helps to offset uncontrolled rising costs of insurances, health care and equipment much like we all face year after year as we manage rising costs and expense reductions in our personal budgets.”
Click here for a copy of the report.
Click here to sign up for Daily Voice's free daily emails and news alerts.