Hoboken, NJ - Monday, February 12th, 2018
Standard & Poor’s Global Ratings has assigned its AA+ long-term rating to the City of Hoboken, the rating agency’s second-highest rating. S&P cited Hoboken’s “very strong economy,” “strong budgetary performance,” “very strong budgetary flexibility,” and “very strong liquidity.”
“A strong credit rating and sound financials form the foundation of a healthy government that can be responsive to the needs of the community,” said Mayor Ravi S. Bhalla. “I’m committed to being Hoboken’s infrastructure mayor, and our high credit rating will allow us to make the investments we need while being responsible with taxpayers’ money. I thank everyone that worked hard to ensure we have a fiscally responsible budget.”
This rating represents a continuation of Hoboken’s economic turnaround since 2008, when Moody’s issued a Baa3 rating (the S&P equivalent of BBB-), one notch above junk bond status, to hospital bonds guaranteed by the City of Hoboken. Moody’s cited the City’s “significant deferred charges, annual cash flow borrowing, and a history of financial mismanagement.” That same year, the State of New Jersey appointed a fiscal monitor to take over management of the City.