Moody’s upgrades Haverford’s credit rating
HAVERFORD » Moody’s Investors Services recently upgraded the township’s rating from Aa2 to Aa1. The rating signifies “high quality and very low credit risk.”
Announcing the good news at a recent commissioners work session, Finance Committee Chairman Larry Holmes said the upgrade “is only one step away from the coveted Aaa rating,” an indicator of “highest quality and lowest credit risk.”
Holmes noted that only 10 percent of the 2,561 municipalities in Pennsylvania have Aa2 or Aaa ratings.
Holmes congratulated Finance Director Aimee Cuthbertson, township Manager Larry Gentile and colleagues. “I don’t think that without the discipline we’ve undertaken in the last 12 years that our township would be in the shape it’s in now.”
Commissioner Andy Lewis asked what the implications are for taxpayers.
Cuthbertson said, “It’s very similar to an individual with a higher credit rating getting better interest rates on mortgages and car loans. We’ll get better interest rates on our borrowing, saving the township money.”
Holmes added that the upgrade can make refinancing existing debt “a profitable exercise.”
“It’s a very positive thing. It’s great news.” Holmes said.
According to information on Moody’s website, the township’s upgrade reflects its “large, mature tax base with well above average wealth levels, strong resident income profile, healthy financial position bolstered by conservative budgeting practices, and average debt and pension liabilities relative to national peers.”
In other business, project manager Ryan Brennan said the first floor of the new municipal services building, 1010 Darby Road, has been substantially completed, with shipments of furniture arriving.
Pending gas line hook-up and generator testing, anticipated date for the Police Department to occupy the first floor is Oct. 16, Brennan said.
Brennan reported that the second floor, which will house township administrative staff and functions, is progressing well. Back offices have been painted and ceilings grids installed. Plans call for moving furniture in around Thanksgiving.