SOMERVILLE, NJ – Standard & Poor’s (S&P) has reaffirmed Somerset County’s triple-A rating, which allows the county to borrow at lower interest rates for county, municipal and school projects that are financed through the Somerset County Improvement Authority.
“During a very difficult year, due to the COVID-19 pandemic and the resulting economic downturn, Somerset County has been able to maintain a stable budget and fiscal outlook that allows us to continue to deliver services without tax increases,” said Freeholder Director Shanel Y. Robinson. “Standard & Poor’s recognizes our management during these complex times with consistently high ratings, which allows us to fund infrastructure projects at costs below what most other governments pay.”
This year S&P’s triple-A rating will help the county support upcoming projects such as the Montgomery Municipal Complex, which will be funded by the Somerset County Improvement Authority through bonds and the guarantee of $28.4 million in financing. The high rating also helps the county support Hillsborough with acquiring land, which is a project that will be financed through bonds and a financial guarantee of $19.9 million.
“The triple-A rating from Standard & Poor’s is an important recognition of our solid fiscal management, especially since it has been consistent throughout the COVID-related financial crisis,” said Freeholder Deputy Director Sara Sooy. “S&P is confirming that Somerset County is being managed effectively and is a secure investment for anyone.”
Somerset County has achieved top ratings for more than 34 years. Out of more than 3,000 counties nationwide, the county is one of 100 with this distinction – and in New Jersey, it is one of only six counties with a triple-A rating.
Standard and Poor’s has stated in a review, “The county is committed to maintaining stable operating performance and has taken steps to identify where budget modifications could be made to address recessionary pressures, if needed. As a result, we expect Somerset County’s stable economy, solid financial position and good management practices to continue supporting its credit profile.”
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