MAYOR BOLLWAGE ANNOUNCES CITY’S AA3 RATING AND POSITIVE OUTLOOK FROM MOODY’S INVESTORS SERVICE REMAINS STABLE

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MAYOR BOLLWAGE ANNOUNCES CITY’S AA3 RATING AND POSITIVE OUTLOOK FROM MOODY’S INVESTORS SERVICE REMAINS STABLE
 
ELIZABETH, NJ— March 19, 2015- Mayor J. Christian Bollwage announced today that the Moody’s Investors Service Ratings committee has affirmed that the rating of an Aa3 from an A1 rating for Elizabeth, the fourth largest City in the State, remains stable. Moody’s Investors Service is considered among the world’s most respected and utilized sources for credit ratings, research and risk analysis; in addition to publishing credit opinions, fixed-income securities and other credit obligations.
 
“Maintaining our Aa3 bond rating demonstrates this administration’s ability to remain active in implementing successful economic development initiatives and effective improvements throughout Elizabeth," said Mayor Bollwage. “Moody’s rating proves that we are continuing to move in the right direction and is further supported by the revitalization efforts of the City’s commercial and business districts. We are constantly growing and looking for new ways to improve services for those who live, work or do business here.”
 
This rating reflects the city's closely-managed fiscal operations which have maintained healthy and stable financial reserves that are augmented by funds in external accounts, a sizeable and diverse tax base with continuing economic development and strong industrial presence related to Port Elizabeth. 
 
In addition, the MIG 1 rating also reflects Moody’s expectation that Elizabeth will successfully refinance the notes at maturity based on the city's satisfactory long-term credit quality, demonstrated market access strong liquidity and solid management of takeout financing. The stable outlook reflects Moody’s belief that the city's financial position will remain healthy given its strong fiscal management including the use of long-term budget projections and conservative estimates to maintain steady Current Fund balance.
 
“This rating is a testament to our innovation initiatives and promising vision for the future,” said Councilman-At-Large Manny Grova, Jr. “The City remains confident that it will carry on approaching financial decisions analytically and responsibly, so we can keep moving Elizabeth forward.” 
 
Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets. The firm's ratings and analysis track debt covering approximately 130 sovereign nations, 11,000 corporate issuers, 21,000 public finance issuers, and 76,000 structured finance obligations. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $3.3 billion in 2014, employs approximately 9,900 people worldwide and maintains a presence in 33 countries.