Atlantic City's Moody’s Investors Service rating was upgraded from Ba1 from Ba2, while maintaining a positive outlook in the city, the mayor announced.
This is "further proof the Small Administration is putting on for the city," Mayor Marty Small said in a Facebook post Monday.
The upgrade reflects the substantial strengthening of the city's fiscal position, including sharp increases in fund balance and declines in debt, the city said in a news release.
The city pointed to what it called strong budget management with a structural surplus and a rapidly declining debt that went from 169 percent in 2018 to 92 percent at the end of 2023.
The city has also made strides in addressing deferred capital investment. The primary risk facing the city is the expiration in 2026 of the fiscal framework under which this has been achieved.
“While I will always shoot for the stars, and was seeking a multi-tier upgrade from Moody’s this year, I am grateful Moody’s recognized all the great things happening in Atlantic City under my watch, and gave the city yet another upgrade and positive outlook,” Small said. “I also appreciate Moody’s once again acknowledging strong government as a reason for the city’s success. The next upgrade will put us in the investment grade, and I will stop at nothing to make sure we achieve that.”
Moody’s representatives visited Atlantic City March 27, to meet with Small and the city’s financial team, including Business Administrator Anthony Swan, Chief Financial Officer Toro Aboderin and city Auditor Leon Costello. The representatives were given a tour of the City, where they got to see new development projects, new attractions like Showboat’s Island Waterpark, and renovations happening at Pop Lloyd Stadium and the Atlantic City Aquarium.
That same day, Moody’s representatives attended a news conference in City Council Chambers where Mayor Small and the financial team announced a 10.2-cent tax decrease in the mayor’s proposed 2024 budget for Atlantic City taxpayers.
The proposed budget next goes to City Council.
