Citing Middlesex County’s “very strong economy, its strong management, with ‘good’ financial policies and practices, and strong budgetary performance and flexibility,” one of the nation’s top bond rating firms assigned its highest rating to the county: Standard and Poor’s Global Ratings Services awarded Middlesex County its AAA rating.
On Sept. 15, the Middlesex County Improvement Authority (MCIA) will issue $9.2 million in bonds to finance its annual lease/purchase equipment program through which the county, the MCIA and municipal participants purchase critical public safety and large and technological equipment, according to information provided by the Office of Middlesex County Freeholder Director Ronald G. Rios.
The county guaranteed the bond.
“I am happy to report that Standard & Poor’s Global Ratings services once again affirmed to Middlesex County a Triple AAA Bond rating – the highest rating attainable,” Freeholder Leslie Koppel, chair of the county’s Finance Committee, said in the statement. “What the bond rating says is that Middlesex County remains fiscally responsible despite challenges in the national economy. Bond ratings, like the ones assigned to Middlesex County, mean the county can borrow money at low rates for things such as infrastructure improvements and construction, saving taxpayers money on large projects.”
She thanked her fellow freeholders for their commitment to fiscal austerity, as well as the county administration, Finance Department and the entire workforce who carry out financial policies.
“With this affirmation, the county will have maintained a Triple A bond rating for an unprecedented 17th year in a row and during that time it is estimated that we have saved over $35 million due to lower interest rates,” Rios said in the statement. “These savings are realized by borrowing funds at lower interest rates. Since this lease/purchase program is open to all the county’s municipalities, savings are also realized by those municipalities that joined the program.”
