City of Perth Amboy A+ Credit Rating Maintained During COVID-19 Pandemic

Perth Amboy City Hall

Perth Amboy Mayor Diaz issued a statement that Standard & Poors (S&P) has released its rating report for the City of Perth Amboy and assigned it an A+ long term rating for refunding bonds. S&P credit score describes the general creditworthiness of a city that issues debt, and the score rates how likely they will repay that debt.

The Mayors statement says according to the report, S&P Global Ratings assigned its ‘A+’ long-term rating to Perth Amboy, N.J.’s series 2020A general improvement general obligation (GO) refunding bonds. At the same, time, the American credit agency affirmed its ‘A+’ rating on the city’s existing GO debt. The outlook is stable.

The city’s full faith and GO credit pledge secures the bonds. The proceeds from the series 2020A bonds will refund all or a portion of the city’s series 2007 refunded bonds.

“I am very proud to see Perth Amboy has been assigned an A+ rating for its 2020A general obligation refunding bonds,” said Mayor Wilda Diaz, “This report better helps us conceptualize the current state of the City and where we are succeeding. We will continue to identify cost cutting strategies and prepare for the future impact of COVID-19 to support our community during this defining moment in our city’s history.”

While the City continues to operate under emergency conditions due to the COVID-19 pandemic, Perth Amboy remains focused on its financial situation and pursuit of long-term stability despite the current challenges.

The rating means that whenever it comes time for the city to refinance their debt, they are afforded the ability to negotiate better rates; the city refinancing at a lower rate ultimately saves the taxpayers money in the long run. It is fiscally prudent to strive to maintain a strong credit rating in order to stabilize the tax rate.   “