MAYOR BOLLWAGE ANNOUNCES UPGRADE TO AA3 RATING AND POSITIVE OUTLOOK FROM MOODY’S INVESTORS SERVICE

FOR IMMEDIATE RELEASE

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MAYOR BOLLWAGE ANNOUNCES UPGRADE  TO AA3 RATING AND POSITIVE OUTLOOK FROM MOODY’S INVESTOR'S SERVICE 

ELIZABETH, NJ— March 11, 2014- Mayor J. Christian Bollwage announced today that the Moody’s Investors Service Ratings committee has affirmed an upgrade of an Aa3 rating from an A1 rating for Elizabeth, the fourth largest City in the State. 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.

“This positive outlook from Moody’s reflects the City of Elizabeth's sound fiscal management and acknowledges the exciting growth opportunities that will contribute to the continued success of our community," said Mayor J. Christian Bollwage. "Approaching financial decisions analytically and responsibly has enabled tremendous progress to occur and costs to be maintained. We will work hard to uphold this rating and continue moving the City of Elizabeth forward."

Moody’s Investors Service has upgraded the City of Elizabeth's rating to Aa3 from A1, in conjunction with an $11 million sale of General Improvement Serial Bonds in 2014. The upgrade to Aa3 also affects $127 million of long-term general obligation debt and city-guaranteed debt outstanding. The outlook has changed from stable to positive.

According to Moody’s, the upgrade to Aa3 rating reflects the city's closely-managed financial operations and the City’s large, diverse tax base, with continuing economic development and strong industrial presence related to Port Elizabeth.

The Moody's Investment Grade 1 (MIG 1) rating reflects Elizabeth’s long-term credit characteristics and history of market access. Elizabeth is a frequent market participant with a satisfactory record of market access for both its long-term and short-term obligations.

“This new rating reflects the City’s proactive measures and future commitment to implement successful economic development initiatives,” said Carlos Torres, Councilman of the First Ward. “These improvements benefit everyone who lives and works in the City. By receiving this upgrade, we are demonstrating that we are moving in the right direction and that Elizabeth is a great place not only to live, but to invest and do business.”

Moody’s Analytics helps capital markets and credit risk management professionals worldwide address an evolving marketplace with confidence. By providing leading-edge software, advisory services, and research, including the proprietary analysis from Moody’s Investors Service, Moody’s Analytics can integrate and customize its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $3.0 billion in 2013, employs approximately 8,400 people worldwide and maintains a presence in 31 countries.