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

FOR IMMEDIATE RELEASE
Contact: Kelly Martins
908-820-4124
Public Information Officer
 
MAYOR BOLLWAGE ANNOUNCES CITY’S AA3 RATING AND POSITIVE OUTLOOK FROM MOODY’S INVESTORS SERVICE REMAINS STABLE
 
ELIZABETH, NJ— March 10, 2017- Mayor J. Christian Bollwage announced today that the Moody’s Investors Service Ratings committee has affirmed that the rating of an Aa3 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.
 
Moody's Investors Service has assigned a Aa3 to the City of Elizabeth, NJ's $26.4 million General Obligation Bonds, Series 2017 consisting of $20 million of General Improvement Bonds and $6.4 million of Sewer Utility Bonds; a MIG 1 to its $500,000 General Improvement Bond Anticipation Notes, Series 2017; and a MIG 1 to its $400,000 Special Emergency Notes, Series 2017 (Taxable). Concurrently, Moody's has affirmed the Aa3 on the city's outstanding GO debt.
 
“Maintaining our Aa3 bond rating demonstrates the City’s proactive measures and commitment in implementing successful economic development initiatives,” said Mayor J. Christian Bollwage. “I remain confident that Elizabeth will carry on approaching financial decisions analytically and responsibly, so we can keep moving Elizabeth forward and show that it is a great place not only to live, but to invest and do business.” 
 
This rating reflects the city's substantial tax base, below-average wealth indicators, and strong financial position. Some of the strengths listed were Elizabeth’s conservative budgeting practices and multi-year financial planning and a large and diverse tax base with continuing economic development and strong industrial presence related to New York City and Port Newark-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 and growth prospects.
 
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.