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With late audit now in, Moody's says Paterson will keep its higher credit rating

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Moody's raised Paterson's credit rating from Ba1 to Baa3. Moody's noted that the city's fund balance has been on the rise.
Moody's Investors Service has affirmed Paterson, New Jersey's credit rating at Ba1 with a stable outlook, despite the city facing significant financial challenges. The rating reflects Paterson's improved financial management and governance under the leadership of Mayor Andre Sayegh, who has implemented measures to enhance the city's fiscal stability. However, the city still contends with structural budget imbalances, high fixed costs, and a heavy reliance on state aid. Moody's noted that while Paterson has made strides in managing its finances, the city's economic base remains weak, and it continues to grapple with issues like poverty, unemployment, and a large number of tax-exempt properties. The stable outlook suggests that Moody's expects Paterson to maintain its current financial position without significant deterioration, provided it continues its efforts in financial oversight and economic development.

Read the Full NorthJersey.com Article at:
[ https://www.northjersey.com/story/news/paterson-press/2024/12/03/moodys-paterson-nj-keeps-higher-credit-rating/76711043007/ ]