Montclair Momentum

Montclair Earns ‘AAA’ Bond Rating For 5th Year In A Row

For the fifth straight year, Standard & Poor’s Global Rating Services assigned an “AAA” rating – the highest possible – to Montclair Township’s series general obligation (GO) improvement bonds and series GO school bonds.

The agency also affirmed its AAA rating on Montclair’s existing GO debt, and cited the town’s outlook as “stable.” Why should you care? According to Montclair town officials, the rating helps lower the cost of borrowing for capital projects, saving taxpayer money. The report cited Montclair’s “strong management,” which was able to implement several cost-saving measures to offset reductions in “more economically sensitive revenues as a result of the pandemic, limiting budgetary pressure in the near term.” “Attaining a AAA rating for a fifth straight year is a truly remarkable achievement, especially given the global economic downturn that resulted from a worldwide pandemic,” Mayor Sean Spiller said. “Our township firmly remains in the ranks of top communities nationwide for creditworthiness and fiscal management – a testament to our strong financial policies of the last several years,” Spiller added. “A top rating translates into millions of dollars in savings for taxpayers and affords us greater flexibility as we continue bonding to invest in our township and residents.”