Thursday, September 11th, 2008

For the 34th consecutive year, the nation’s two largest bond rating agencies have bestowed a AAA rating on Morris County bonds.

Both Moody’s Investors Service, Inc., and Standard & Poor’s gave the county their highest government rating.

Standard and Poor’s said its rating reflects Morris County’s “strong and diversified economic base.”

The agency also applauded the county government for what it called “a history of sound financial planning and conservative budgeting.”

“I think the rating agencies were also gratified to see that the freeholders have started a process of program-based budgeting,” Freeholder Director Margaret Nordstrom said.

“We are taking a hard look at county government programs, eliminating ones that are too costly, obsolete or redundant and maintaining and delivering needed services in a more efficient manner. We are not only looking at this year, but 2009 and 2001 as well.”

The AAA rating is important because the higher the rating, the more money the county and Morris taxpayers save in interest payments on bond and note sales.