Moody’s Investors and Standard & Poor’s Global Ratings reaffirmed Atlantic County's bond ratings based on the county’s strong budgetary performance and financial management policies, and its continued efforts to diversify the economy. The county has maintained these high ratings for the past 16 years.
“County Executive Dennis Levinson and the Atlantic County Board of Commissioners have been diligent in our efforts to diversify this county over the past decade, and despite some initial push back from detractors, these efforts are working, as reflected in the bond ratings by two of the country’s major credit rating agencies,” Atlantic County Board of County Commissioners Chairwoman Maureen Kern said in a release.
Atlantic County Executive Dennis LevinsonAccording to Moody’s, which assigned an Aa2 rating to Atlantic County’s $33 million general obligation bonds, the county’s economy is diversifying and becoming less dependent on the casino industry. Casinos are no longer the county’s largest employers.
Standard & Poor’s also noted the efforts to diversity in assigning an AA rating to the county’s bonds.
The Atlantic County economy has historically centered on casino activity and tourism, but is increasingly diversifying, Atlantic County Executive Dennis Levinson said.
“We are successfully leveraging our assets to develop and grow an aviation and aerospace industry which is now taking flight and reaping economic benefits,” Levinson said. “For over 100 years, there’s been talk about diversifying the economy but little action. This administration, in cooperation with the Board of Commissioners, is taking bold steps to expand beyond hospitality and tourism and our reliance on a single industry to sustain our economy.”
Moody’s reported that the area is becoming a hub for aerospace research.
On June 11, an agreement was announced between the New Jersey Economic Development Authority and the Atlantic County Improvement Authority for an $18.5 million Aerospace Innovation Center to occupy the second building at the National Aerospace Research and Technology Park in Egg Harbor Township, adjacent to the FAA William Hughes Technical Center and the Atlantic City International Airport.
Atlantic County held a groundbreaking for the second building in October 2023. Construction of the building is expected to be completed in 2025.
“These bond ratings confirm Atlantic County’s fiscal strength and security and also result in sizeable savings for our residents, many of whom may be challenged by rising prices for goods and services and high interest rates for home mortgages,” Levinson said. “We’re working to help taxpayers keep more money in their pockets. The higher the bond rating, the lower the interest rate and the larger the savings.”
“We’re proud of what we’ve accomplished for the benefit of our taxpayers,” Atlantic County Commissioner and Budget Committee Chairwoman Amy Gatto said. “This is yet another example of why Atlantic County is the best run county in New Jersey.”
