Monday, July 19, 2004

Standard and Poor's Raises Atlantic County Bond Rating

Atlantic County Executive Dennis Levinson announced today that he was very pleased to learn that Standard & Poor's raised the underlying rating on Atlantic County bonds from A+ to AA-. In increasing the county's rating, Standard & Poor's cited the county's "track record of good financial performance and position...." Standard & Poor's further stated that Atlantic County's financial position "remains good, marked by healthy reserve levels and established financial policies."

"To have a rating increase in this current market is quite an achievement," Levinson said. "We believe that this rating puts Atlantic County in the top 20% of all counties in the United States."

"At the end of 2003, Atlantic County had less debt than it did in 1990," Levinson stated. "This is an impressive accomplishment especially considering that we built a new $40 million court complex, contributed $14 million toward our share of a new Special Services School and funded an aggressive Highway Improvement Program. Otherwise, we have self funded major capital improvements without issuing bonds as part of a policy to pay as we go. This helps to ensure that future generations are not saddled by debt from uncontrolled spending. Clearly Atlantic County is on the right track."

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