Moody's Upgrades Cherry Hill Credit Rating To Aaa
CHERRY HILL, NJ — Cherry Hill’s credit rating has been upgraded to the highest possible rating a municipality can achieve, township officials announced this week.
Moody’s Investor Service has upgraded Cherry Hill’s rating to Aaa, which allows the township to borrow money at the lowest interest rates offered to municipalities, according to officials.
This could result in savings for the township and relief for taxpayers as they struggle economically amid the coronavirus pandemic, officials said. More relief is on the way for taxpayers, as Cherry Hill introduced a proposed budget with no tax increase at its Sept. 29 meeting. It is expected to be approved Oct. 27. Read more here: No Tax Increase In Cherry Hill’s Proposed Budget Amid Pandemic
“This ratings increase is the result of strong fiscal procedures, smart economic development, a healthy reserve, our diverse tax base and our consistently stable tax rate,” Cherry Hill Mayor Susan Shin Angulo said. “As we continue to navigate through these challenging times, I am happy to report this very positive news for the township.”
“The ratings increase is a strong affirmation of many years of fiscal discipline and strategic investment in our community,” Cherry Hill Council President David Fleisher said. “This is great news for Cherry Hill taxpayers.”
Moody’s report indicates that “the stable outlook reflects the expectation that, despite the pandemic, the township's tax base and finances will remain strong in the near to medium term.”
This article originally appeared on the Cherry Hill Patch
