Toms River Maintains Positive Credit Rating

Toms River has maintained a positive credit rating for short and long term borrowing from Moody's Investors Service, officials said this week.

The township maintains a 'Aa' rating for its long term boding practices and what is known as a '1+' rating for tax notes, commonly used as a bridge for short term projects.

Mayor Thomas Kelaher said the bond rating agency praised the township for its "low market risk profile" and "local budget liquidity" as well as the township's debt load.

The mayor, who credited Township Administrator Paul Shives with keeping the rating high, said the report on the township also kept a high rating due to its the likelihood Toms River will "continue its proactive approach to Sandy recovery efforts for the rest of 2013 and in 2014."

A bond rating acts the same way as a personal credit score: the higher the rating, the lower the interest rates township taxpayers must pay when Toms River borrows for capital projects and other reasons.

The 'Aa' rating is the agency's second highest rating next to 'Aaa,' out of nine potential rating scores.