Economic Development Keeps Piscataway in High Standing with Standard & Poor's
Township Again Earns AA+ Stable from Renowned Rating Agency
October 15, 2021 – Mayor Brian C. Wahler and the Township Council are very happy to let residents know that Standard & Poor’s continues to keep Piscataway among its high ranked municipalities by again reaffirming the Township its AA+ stable rating, its second highest rating since 2013.
In its report, Standard & Poor’s stated, “The ‘AA+’ rating reflects our view of the township's strong management team and codified policies and procedures… Fiscal 2020 showed positive current fund operations as a result, which we believe will be sustained in coming years, given long-term projections and management's close monitoring of the budget. Robust redevelopment efforts within the township, in both the residential and commercial sectors, ongoing throughout the pandemic, continues to generate tax base growth.”
Standard & Poor’s 2021, 2020 & 2019 general obligation rating of AA+ stable matches the 2018 upgrade by Moody’s of its general obligation rating from Aa2 to Aa1(stable), its second highest rating possible.
“Unlike many local governments that had deep revenue drops during the pandemic, Piscataway remained vibrant and resilient because of the economic development championed by the Township Council and myself,” Mayor Brian C. Wahler said. “I am thrilled that rating agencies continue to regard strongly our community.”
Township officials have been proud of the strong financial policies and practices that have attracted more companies to locate facilities in Piscataway, turning unused office buildings and brownfields into thriving sites of new commerce. This new commercial revenue paid for the construction of the $32 million YMCA at the Piscataway Community Center (YPCC), built with no residents’ tax monies.