News Department

Parsippany maintains high-grade Aa2 bond rating during pandemic

PARSIPPANY-TROY HILLS, NJ (Morris County) – Parsippany-Troy Hills has maintained its Aa2 Bond rating from Moody’s Investors Service, even despite the ongoing COVID-19 pandemic, and budgetary challenges affecting municipalities across the country. Maintaining the Township’s “High grade” bond rating allows Parsippany to finance key projects, with positive impacts for taxpayers.

A bond rating is a letter-based credit scoring system used to judge the quality and creditworthiness of a bond. A rating agency assigns a municipal bond a credit rating to make it faster for market participants to evaluate risk. Similar to how banks and lenders assess an individual’s credit score and lending risk, the bond rating makes investment decisions easier for investors.

“Parsippany’s financial outlook is finally on an upward trajectory,” Mayor Michael Soriano said. “The Township’s stability through 2020 demonstrates that Parsippany’s finances are finally being adequately managed. Due to the hard work and long-term decision-making of our finance team, administration, and bipartisan Council, Parsippany is weathering the storm effectively now, and building towards a stable, sustainable future.”

Moody’s assigned Parsippany’s Aa2 rating to the Series 2020 General Obligation Bonds, maintaining its Aa2 rating on the township’s outstanding General Obligation debt. The COVID-19 pandemic has caused devastation throughout the economy in every community, and government finances have not been spared, however investors believe that Parsippany’s bonds are a safe and secure investment going forward.

For more information on Moody’s and their ratings methodology, click here.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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