Credit ratings agency Moody’s has upgraded the municipality of Newark’s bond ratings from a Baa1 positive outlook to a Baa2 positive outlook.
“The positive outlook on the underlying ratings reflects our expectations that the recent positive financial operations will continue, leading to a strengthened reserve and liquidity position,” Moody’s said Thursday in a statement. “The outlook also incorporates our expectations that ongoing redevelopment will lead to material tax base expansion.”
The City of Newark is moving forward, and Moody’s decision to upgrade our rating reaffirms that our hard work is paying off.
Newark Mayor Ras Baraka
Newark Mayor Ras Baraka welcomed the improvement of Newark’s bond rating.
“It reflects Newark’s economic growth, our success in recruiting new job and revenue-producing businesses resulting in a larger tax base,” Baraka said in a statement. “It also reflects our success in offering business-stimulating abatements that are financially advantageous to the city and the fact that we have been able to end the practice of borrowing to meet current expenses.”
“For the people of Newark, this financial turnaround has enabled us to strengthen public safety, avoid the layoffs of the past, require developers to provide affordable housing, undertake an ambitious street-paving and infrastructure upgrade program and expand programs for seniors and young people,” Baraka said. “The City of Newark is moving forward, and Moody’s decision to upgrade our rating reaffirms that our hard work is paying off.”