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Mayor | June 29, 1998 |
Jersey City
Standard & Poor's Corporation, a major national credit-rating organization, has just upgraded its rating from SP-2 to SP-1 on $13,650,000 of Jersey City's short-term debt. By upgrading Jersey City's notes, Standard & Poor's recognizes Jersey City's "strong capacity" to pay back the principal and interest on the notes. It also recognizes the fact that more banks and securities firms are bidding on the city's notes, an indicator of Wall Street's renewed trust and faith in the fiscal health of Jersey City. This upgrade will only increase the number of major institutional investors.
Mayor Bret Schundler praised the good news: "By upgrading our debt rating, Standard & Poor's is making a very positive statement about the fiscal health of Jersey City. They have recognized what Jersey City residents already know: that our city is in the midst of an economic renaissance. My administration's pro-growth, fiscally conservative policies continue to pay off."
The notes were sold to pay for property tax appeal refunds. The city is confident that when all of the notes for these property tax appeal refunds mature and portions are renewed, Standard & Poor's will upgrade those notes as well. When this occurs, the total estimated annual savings for the city will be approximately $50,000.
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