Business & Tech
Paramus Earns Rating Upgrade From Top Credit Service
Mayor LaBarbiera calls it a testimony to the borough's financial responsibility
Paramus has been recognized by Moody's Investors Services for its financial discipline, Mayor Richard LaBarbiera tells Patch.
The credit rating agency has upgraded the borough's rating which the mayor says is a real testimony to the borough's fiscal responsibilty.
"This is not something that happens overnight," said LaBarbiera. "It takes many years of good financial discipline necessary to achieve such an upgrade."
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According to the report from Moody's, the borough's rating was upgraded to Aa1 from Aa2 and assigned a Aa1 to its $5.1 million General Obligation Refunding Bonds, Series 2013. See the attached PDF for the report.
"In light of trying economic times facing most communities, counties and the state, you can not underestimate the significance of credit upgrade," LaBarbiera stated.
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"The end result is that it's a savings to the taxpayer as the borough gets a much more competitive rate," said the mayor.
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