MORRIS COUNTY, N.J. — Morris County has once again received the highest possible bond ratings from Moody’s Ratings and S&P Global Ratings, marking the 51st consecutive year both agencies have awarded the county their top AAA rating.
The annual review also reaffirmed a stable financial outlook for the county, reflecting expectations that Morris County will maintain strong financial operations, healthy reserves and economic stability in the years ahead.
County officials said the ratings were issued following a review of approximately $46.4 million in General Obligation Bonds, Series 2026, including $39.1 million in General Improvement Bonds, $985,000 in Park Bonds and $6.3 million in County College Bonds.
“For more than half a century, Morris County’s AAA credit rating has been reaffirmed by both Moody’s and S&P, underscoring our bedrock tradition of careful and diligent stewardship of public finances. While we continue to invest in critical infrastructure and annually improve the public services our residents deserve and expect, our fiscal discipline has earned us a sturdy financial reputation that saves taxpayers substantial dollars in interest fees when the county or participating local governments must borrow for major infrastructure projects,” said Commissioner Deborah Smith, chair of the Morris County Board of County Commissioners’ Budget Committee.
According to Moody’s, Morris County’s strong ratings reflect conservative budgeting practices, stable finances and proactive financial management.
“The county has built a deep bench of civil servants and outside professionals to implement its policy objectives. 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,” Moody’s concluded in its AAA assignment to Morris County.
S&P Global Ratings similarly cited the county’s fiscal management and financial planning practices.
“The county has consistently maintained positive finances in the past five fiscal years because of management’s conservative budgeting,” S&P concluded, adding, “Robust and comprehensive financial management practices and policies include conservative and forward-looking budgeting practices, long-term formal financial and capital improvement plans, formal investment and debt management policies, and a reserve policy that limits unreserved fund balance to no less than 12 percent of expenditures.”
County officials noted that the AAA ratings allow Morris County and participating municipalities to access lower borrowing costs when financing infrastructure and capital improvement projects, reducing long-term costs for taxpayers.
“Once again, Morris County’s responsible fiscal management and long-term planning receive top ratings by S&P and Moody’s, as we maintain the second lowest average county taxes in New Jersey, yet continue to offer the highest level of services,” said Commissioner Deputy Director John Krickus, a member of the budget committee.
In its report, S&P noted Morris County’s creditworthiness exceeds that of the federal government under its methodology.
“Morris County is eligible for a rating higher than the sovereign because we think the county can maintain strong credit characteristics relative to the nation in a stress scenario,” S&P concluded, adding, “The stable outlook reflects S&P Global Ratings’ opinion of the county’s strong and robust economy, coupled with a history of positive finances and strong fund balances.”
Moody’s also highlighted the county’s strong and stable finances, diverse economy and proactive management as key strengths supporting the rating.
“Morris County’s financial position will remain healthy and a credit strength as management continues to budget conservatively,” Moody’s concluded, adding in its report, “The county’s finances have been stable for many years. Management has a long history of accurate and conservative budgeting and routinely outperforms its budget.”
Commissioner Douglas Cabana said the county’s consistent ratings reflect decades of careful financial planning.
“Morris County’s finances are being commanded with keen foresight, careful analysis and detailed planning, and 51 years of consistent AAA ratings is far more than a simple recognition of that fact. It is a public endorsement of the management strategy employed by Morris County on a daily basis,” said Commissioner Douglas Cabana.
