PERTH AMBOY RECEIVES A+ CREDIT RATING UPGRADE
PERTH AMBOY, NJ— Mayor Wilda Diaz announces the release of the 2013 summary report from Standard & Poor’s (S&P) Rating Services stating the two-level upgrade from an A- to an A+ with a stable outlook.
As stated in the S&P summary, “The stable outlook reflects Standard & Poor's opinion of Perth Amboy's improved financial management practices as a result of the city's ongoing proactive management practices and ongoing budgetary adjustments. It also reflects our view of the city's very strong liquidity position and strong budgetary flexibility and performances.”
The 2013 Calendar Year budget of $71 million budget was cut by over $4.4 million dollar since 2010. The Diaz administration created a Surplus Rebuilding Plan and a Financial Management Plan, a Debt Management Policy and a Capital Improvement Program that have all contributed to the City’s financial achievements.
“This upgrade represents the commitment and respect we have for our residents— knowing that their future depends on ours,” said Mayor Wilda Diaz. Our financial management plans have restored trust in City government and establishing transparency with our lenders.”
"The City's Administration has worked tirelessly to improve the City's bond rating. The increased rating not only reflects the prudent financial practices that have been implemented, it will provide improved debt funding opportunities which is another step in improving the City's fiscal health, said Jill Goldy. "
"We are very pleased that S&P has recognized the diligent efforts this municipal government has made to correct the imprudent fiscal management of the past administration. However, our work is not done. The City's finances are still recovering and our objective is to continue the responsible practices of this administration to achieve a truly stable fiscal footing for the City of Perth Amboy,” said Gregory Fehrenbach, Business Administrator.
In 2012, the City of Perth Amboy was acknowledged by Standard and Poor’s with a positive financial outlook on its A- rating, given to only 3 out of 566 municipalities in the State of New Jersey.