MORRIS COUNTY, N.J. — For the 50th consecutive year, Morris County has earned AAA credit ratings from both Moody’s Investors Service and S&P Global Ratings, reaffirming its long-standing financial stability and disciplined fiscal management.
Moody’s analysis, released this week, cited Morris County’s position as a “wealthy outer suburb of New York City” with strong resident income at 152.7% of the U.S. median and full value per capita of approximately $250,000. The report praised the county’s governance and projected 30% reserve levels for 2024.
“The county has built a deep bench of civil servants and outside professionals to implement its policy objectives,” the Moody’s report stated. “This, plus a combination of a strong state-wide institutional framework and highly conservative budgeting, has allowed the county not only to strengthen its finances but to do so while providing various forms of assistance to its local governments.”
S&P Global Ratings also reaffirmed its AAA rating on about $28.2 million in Series 2025 General Obligation Bonds, as well as on the county’s existing general obligation debt and debt guaranteed by the Morris County Improvement Authority. S&P noted a stable outlook based on the county’s robust economy, positive financial performance, and strong fund balance levels.
“Morris County has now maintained a triple-A rating for half a century, reflecting our disciplined financial stewardship, strategic planning and commitment to long-term fiscal health,” said Deborah Smith, chair of the Morris County Board of County Commissioners Budget Committee. “We take great pride in upholding the high standards our residents expect, while continuing to invest in the county’s future without placing unnecessary financial burdens on taxpayers.”
The reaffirmation comes as the federal government has faced recent credit downgrades, underscoring Morris County’s ability to retain top-tier ratings through prudent management.
The AAA rating benefits county residents by lowering borrowing costs for capital projects, such as the $20 million general improvement bonds, $2.8 million in parks bonds, and $5.4 million in county college bonds included in the 2025 issuance.
Both Moody’s and S&P forecast a stable financial outlook for the coming term.
