Through COVID-19, Morris County Retained AAA Credit Rating

MORRIS COUNTY, NJ — Morris county got another top rating of AAA from Moody's Investors Service for its government bonds issued for the Whippany Firehouse Project.

According to the announcement this Tuesday from the world-renowned credit agency, "although the pandemic has had a negative impact throughout the state, Morris County's credit quality has not been impacted."

The rating is a product of the county's substantial tax base, strong and diverse economy, healthy reserve levels, and modest debt burden. It also "reflects a long trend of strong, proactive financial management," the statement said.

Residents have reason to feel confident about the future.

"The stable outlook reflects our expectation that the county's financial position will remain strong over the near term and that the county will continue to benefit from its substantial and diverse tax base and above-average wealth levels," Moody's wrote.

County officials rejoiced at the report, especially after the hardships brought upon by the COVID-19 pandemic.

"For the 46th straight year, and probably the toughest year, Morris County earned the AAA rating by being proactive in the face of the pandemic," said Stephen Shaw, director of the Morris County Board of County Commissioners, in a statement.

Shaw referred to the work of the taskforce created to monitor economic impacts and planning early on in the pandemic.

“The strategic planning task force was very important in Morris County’s comprehensive pandemic response, including our number one vaccination rate in the state, while maintaining county operations to save lives and livelihoods,” he said.

According to Moody's the county's largest revenue stream is from property taxes, which Shaw said was lower than neighboring counties'.

A strong rating from Moody's guarantees the county the best possible interest rates for loans and bonds, saving the taxpayers money.