The Borough of Avalon has achieved a higher bond rating thanks to a recent review by Standard and Poor’s. Avalon’s new bond rating is AA+, which is only one step below the highest achievable rating of AAA. This reflects an improvement over Avalon’s last bond rating of Aa2 as determined by Moody’s.
“This high bond rating is a major achievement for the Borough of Avalon”, said Avalon Mayor Martin Pagliughi. “This bond rating shows that Avalon excels at managing its finances and provides long-term financial planning for our community. Borough Council and administration invests countless hours of financial oversight and constantly looks at various ways to save money. This new bond rating puts the Borough in an extraordinary financial position for many years to come”.
The new bond rating was delivered to the Borough by the Avalon’s bond counsel McMannimon and Scotland. The new rating was determined after the Borough decided to refinance approximately $2.1 million in debt to achieve a lower interest rate. The new AA+ bond rating means that Avalon will save even more money when it needs to bond for a special project.
Avalon has saved millions of dollars recently thanks to various partnerships on various beach nourishment projects. This spring, the Borough partnered with the United States Army Corps of Engineers and the State of New Jersey for a multi-million dollar beach fill project that cost the Borough less than $150,000. Partnerships with the state and with neighboring Sea Isle City in previous beach fills have also saved millions of dollars for Avalon taxpayers.