On October 10th, Standard & Poor's Global Ratings Services announced the Township’s long-term credit rating remained at ‘AAA’ and affirmed the ‘AAA’ rating on the Township’s existing General Obligation debt.
The ‘AAA’ rating is the highest issuer credit rating assigned by Standard & Poor's and means the Township has an extremely strong capacity to meet its financial commitments.
“I am extremely pleased that the Township has again received the highest credit rating offered by Standard & Poor’s. It is a testament to good fiscal policy exercised by the Township Committee and sound management practices of our staff,” stated Mayor Peter Cantu.
The Standard & Poor’s report referenced the Township’s: strong management, very strong local economy, strong budgetary liquidity, strong institutional framework and an adequate debt and contingency liability position.
“The ‘AAA’ rating means that when we borrow money, we get the lowest possible rates; benefitting the Township and our taxpayers by paying less interest than we would otherwise pay if we had a lower credit rating,” said Gregory Mayers, Plainsboro’s Chief Financial Officer.
It is estimated less than 5% of the 565 municipalities in New Jersey receive the ‘AAA’ bond rating from Standard & Poor’s.