(BAYONNE, NJ) – In its review of the City’s financial position Moody’s Investors Service upgraded Bayonne’s credit rating from Baa1 to A3. This upgrade comes after an outlook upgrade from “stable” to “positive” back in May 2015.
“This is great news for the City, and shows that all of the time and effort we put toward moving Bayonne in the right direction is paying off,” said Mayor Davis. “Putting Bayonne back on sound financial footing is not easy, but it’s not about doing what is easy, it’s about doing what is right.”
As part of explaining their reasoning, Moody’s stated in the March 7, 2016 report that, “City management has taken strong steps to improve Bayonne’s finances. Notable recent successes include weaning the city off cash flow notes and materially reducing the structural imbalance.”
Redevelopment, a key component of Mayor Davis’ agenda, was also cited by Moody’s as a key reason for the upgrade. “The city’s tax base will begin to grow given its access to employment opportunities in the New York City area, average demographic indicators, and extensive ongoing development,” the report states.
“Development and redevelopment remains a top priority for us. It’s what will cure the structural revenue deficit we inherited and face at the start of each new year,” said Davis.
“This is real, it’s tangible success. Our plan is working. The future of Bayonne is bright,” Mayor Davis concluded.