Borough Issues Bonds for Refinancing of Short Term Debt
From the Chief Financial Officer
Moody's Reaffirms Borough's Aaa Rating
On August 20, the Borough financed $5,025,000 in municipal general bonds, replacing short term with longer term financing to provide a more stable debt service environment. The true interest cost of the financing was 1.32%.
These favorable rates are the direct result of the Borough's Aaa credit rating, the highest possible rating. The Borough's rating was confirmed by Moody's as part of the refinancing process. Moody's, in affirming the Borough's Aaa credit rating, also assigned a stable outlook, concluding that "the Borough's finances, tax base, and wealth levels will all remain strong in the near to medium term." In its analysis, Moody's emphasized the strength of the Borough's financial operations and reserves, management and governance, and its substantial tax base. Franklin Lakes is one of approximately 20 municipalities in New Jersey (out of a total of 565) that maintains a Aaa rating.
To get a complete picture of the Borough's financial health and how it impacts the Borough's ability to finance its debt, we are providing links to the following documents:
Summary of Financing Results
Moody's Reaffirms Borough's Aaa Rating
On August 20, the Borough financed $5,025,000 in municipal general bonds, replacing short term with longer term financing to provide a more stable debt service environment. The true interest cost of the financing was 1.32%.
These favorable rates are the direct result of the Borough's Aaa credit rating, the highest possible rating. The Borough's rating was confirmed by Moody's as part of the refinancing process. Moody's, in affirming the Borough's Aaa credit rating, also assigned a stable outlook, concluding that "the Borough's finances, tax base, and wealth levels will all remain strong in the near to medium term." In its analysis, Moody's emphasized the strength of the Borough's financial operations and reserves, management and governance, and its substantial tax base. Franklin Lakes is one of approximately 20 municipalities in New Jersey (out of a total of 565) that maintains a Aaa rating.
To get a complete picture of the Borough's financial health and how it impacts the Borough's ability to finance its debt, we are providing links to the following documents:
Summary of Financing Results