S&P Global Ratings has reaffirmed an AA+ credit rating for the City of Hoboken, citing a “very strong economy” and “strong budgetary performance,” among other things.
By John Heinis/Hudson County View
“I am incredibly proud of our successful efforts in strengthening the city’s short-term and long-term fiscal health, all while continuing with major infrastructure upgrades to improve the quality of life for residents,” Mayor Ravi Bhalla said in a statement.
“The recognition from S&P is further proof that my administration, in collaboration with the City Council, have gone above and beyond to protect the taxpayers over the past several years, as we continue to produce responsible budgets that maintain the well-being of our community.”
In its credit report, S&P cited Hoboken’s “strong budgetary flexibility,” “very strong liquidity,” and “very weak debt and long-term liabilities” as additional factors in scoring.
Last year, the Hoboken City Council voted 5-4 to approve a $136,004,550.65 budget with a 6.18 percent tax increase.
Furthermore, the ‘SP-1+’ short-term rating reflects S&P Global Ratings’ confidence in Hoboken’s “very strong capacity to meet principal-and-interest payments” when the 2024 Bond Anticipation Notes come due.
S&P Global Ratings also attributes Hoboken’s high credit rating to the strength of its residential tax base, cautious budgeting process, and commitment to fund balance growth and restoration following the COVID-19 pandemic.
The S&P Global Ratings report also noted the city’s community reinvestments, investments to mitigate flooding, and water infrastructure improvements.
Thank you Mayor Bhalla and team for the continued sound fiscal management, as irrefutably affirmed by this stellar rating. Despite what the small handful of permanently aggrieved crybaby wannabe political hack commenters here on HCV say, city residents approve of the job you’re done.
ratings have been high since before Bhalla