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Press Release


Ewing Township Receives Major Upgrade to "AA" From Standard and Poor's

Release date: 4/25/2014

EWING, N.J. – Ewing Township’s sustained efforts in professionally managing its finances and developing a strong foundation and environment for private business to locate and expand within the Township were rewarded this week with a rare two-notch credit rating upgrade to “AA” by Standard & Poor’s (“S&P”). Citing the Township’s strong economy, management and budgetary performance, along with financial liquidity and flexibility, S&P assigned this very strong rating to the community.

Standard and Poor’s Raises Township Bond Rating

EWING TOWNSHIP RECEIVES MAJOR UPGRADE TO “AA” FROM STANDARD & POOR’S

EWING, N.J. – Ewing Township’s sustained efforts in professionally managing its finances and developing a strong foundation and environment for private business to locate and expand within the Township were rewarded this week with a rare two-notch credit rating upgrade to “AA” by Standard & Poor’s (“S&P”). Citing the Township’s strong economy, management and budgetary performance, along with financial liquidity and flexibility, S&P assigned this very strong rating to the community.

Welcoming the news, Mayor Bert Steinmann said, “Ewing Township is pleased that this new rating from S & P confirms the prudent fiscal management and sound budget practices of our township,” declaring, “The real beneficiaries of this solid credit rating are Ewing’s taxpayers.”

Mayor Steinmann was gratified that the Township’s professional approach to strengthen the financial foundation of the Township has been recognized and credited Ewing’s administrative team and employees for hard work and for understanding the importance of maintaining and improving the township’s long-term financial footing along with continuing to maintain a high level of quality municipal services.

Mayor Steinmann noted, “Ewing’s even stronger “AA” credit rating will be a real plus as the township moves forward with its economic development plans that will expand the township’s tax base and bring new jobs to the community.”
Sherry Tracey of Phoenix Advisors who serves as the Township’s municipal financial advisor agrees that “this new, higher rating will translate into lower rates and meaningful debt service savings for Ewing and its taxpayers. The new “AA” rating reflects continued solid management, growth and improvement, all benefitting the whole Ewing community.”

The mayor said he is particularly gratified that the township has achieved the “AA” rating in the less than three years in which he has held office. This is the second upgrade the Township has received in less than two years. “This shows we have delivered what we promised in repairing Ewing Township’s finances and living within our means under the state’s revenue cap.”

Many state and local governments continue to see credit downgrades as they struggle with the effects of the global economic downturn and large unfunded pension liabilities, making this rare two-notch upgrade even more significant.
In raising Ewing’s credit rating and noting its solid outlook, S & P cited the township’s strong liquidity from such factors as having available cash equal to 200% of debt service, an overall strong and growing economic base including the Parkway Redevelopment of the former General Motors and Naval Air Propulsion Center sites and per capita income higher than the national average.

FOR IMMEDIATE RELEASE CONTACT: SHERRY TRACEY
April 25, 2014 (609) 291-0130

The press release, Ewing Township Receives Major Upgrade to “AA” from Standard & Poor’s, of April 25 is available in PDF. Please note you will need the free Adobe Acrobat Reader or similar software to view and / or print this document.

Municipal Building 
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Ewing, NJ 08628
 
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Ewing, NJ 08628 
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Ewing, NJ  08638
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Ewing, NJ 08618
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