Crest's already strong financial rating receives upgrade by Moody's

PRESS RELEASE

WILDWOOD CREST – The Borough of Wildwood Crest has recently been issued an excellent Aa2 rating by Moody’s Investor Service in its most recent report of the borough’s finances, an upgrade over the borough’s Aa3 rating from 2022. This marks at least the ninth straight year Wildwood Crest has been awarded a rating of Aa3 or better.

“This rating is a reflection of the borough commissioners’ continuing commitment to conservative budgeting and spending, as well as their efforts to maintain a strong fund balance,” said Wildwood Crest Chief Financial Officer Francine Springer. “Wildwood Crest’s continued excellent financial rating allows the borough to attain low interest rates on its borrowing, which results in a substantial savings to Wildwood Crest taxpayers.”

In the report, Moody’s commented that “the upgrade of the issuer rating from Aa2 to Aa3 reflects the borough’s very strong reserve position that has been very stable for years,” along with Wildwood Crest’s “very strong full value capita, driven by its large seasonal home population.”

The Moody’s report also stated “the borough is actively working to maintain and improve its infrastructure along with working with FEMA on resiliency projects.”

In addition to the overall Aa2 rating, Wildwood Crest was also assigned a MIG 1 rating to its $9.5 million bond anticipation notes. According to Moody’s, a rating of MIG 1 reflects strong underlying credit quality, along with a history of market access and strong liquidity.

“We are extremely pleased to receive yet another excellent rating from Moody’s,” Wildwood Crest Mayor Don Cabrera said. “This is due to a continuous team effort by the borough’s finance office, all other department heads and staff and the borough’s elected officials to strive for outstanding fiscal responsibility. 

The borough is committed to continuing these efforts into the future.”

Moody’s Investors Service is the bond credit rating of Moody’s Corporation. It provides worldwide financial research on bonds issued by commercial and government entities. Moody’s is considered one of the “Big Three” credit rating agencies along with Standard & Poor’s and Fitch Group.

For more information, call (609) 522-5176.