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(CHERRY HILL, N.J.) -- Moody’s Investors Service has upgraded Cherry Hill’s bond rating to Aa1, Mayor Chuck Cahn announced Friday. The rating is the highest for any municipality in Camden County.
In issuing the rating upgrade, Moody’s cited several factors that have contributed to the town’s strong position, including ongoing efforts to promote economic growth and redevelopment, smart fiscal management, conservative budgeting, and continued reduction in debt service.
“A strong credit rating is a positive for every facet of our community,” said Mayor Chuck Cahn. “We are very proud of this rating and believe it reflects Cherry Hill’s strong financial position and our commitment to implementing sound fiscal policies. Maintaining financial stability has allowed us to make significant investments in our neighborhoods, roads, facilities and other pieces of our town that greatly enhance the quality of life for our residents, without raising municipal taxes for five years straight.”
Mayor Cahn and Council have welcomed hundreds of new businesses into Cherry Hill since 2012, including, most recently, a boom in the Township’s healthcare sector.
In addition, the redevelopment of underperforming sites such as the vacant Syms department store, now home to Penn’s thriving 150,000-square-foot medical building, has been key to ratable growth in a community that is already largely developed, Moody’s noted.
The factors cited by Moody’s are many of the same positive qualities cited by the editors of Money Magazine in their 2016 rankings of Best Places to Live in the U.S., where Cherry Hill placed 26 out of more than 800 municipalities nationwide.
The upgrade is an indicator that the Township is positioned for continued economic stability in the future, and, among other benefits, ensures that the Township will be able to secure lower interest rates on future debt service to fund infrastructure improvements.
Council President David Fleisher noted that smart financial management and planning are key to the Township’s continued success and sustainability.
“From day one, Mayor Cahn and Council have worked together to make efficient, effective management and long-term planning one of our top priorities,” Fleisher said. “A strong credit rating is essential to our town’s health, and will significantly impact our ability to better invest in and plan for Cherry Hill’s future. This is wonderful news for every resident and business throughout our community.”