NEW YORK, December 23, 2014-- Moody's Investors Service has upgraded the Borough of Bergenfield's (NJ) general obligation unlimited tax (GOULT) debt rating to Aa3 from A1.
The upgrade to Aa3 reflects the borough's improved financial position following a multi-year history of reserve growth. The rating also incorporates the borough's sizeable tax base, above average wealth levels, and manageable debt and pension burden.The Borough's strengths were highlighted to include a healthy financial profile, above average wealth indices, low debt and pension burder, rapid amortization of principal, and proximity to New York City. Furthermore, the Borough is expected to maintain a healthy financial position given management's commitment to maintaining reserves and conservative budgeting practices.
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