Morris County Earns AAA Financial Ratings for 50th Consecutive Year
Published on May 29, 2025
Moody's and S&P Uphold Premium Assessments
Morris County’s financial stability again has been given the highest confidence ranking by Moody’s Investor Services and Standard & Poor’s Global Ratings this month, as both issued their AAA ratings of the county finances for the 50th consecutive year.
“The county’s AAA issuer rating reflects its favorable position as a wealthy outer suburb of New York City. Resident income is very strong at 152.7 percent of the U.S. median and full value per capita is now about $250,000 as the county attracts significant new development. The county has a history of strong governance, with healthy reserves at 30 percent for 2024,” Moody’s concluded in an analysis released this week.
“Morris County has now maintained a triple-A rating for half a century, reflecting our disciplined financial stewardship, strategic planning and commitment to long-term fiscal health,” said Deborah Smith, chair of the Morris County Board of County Commissioners Budget Committee. “We take great pride in upholding the high standards our residents expect, while continuing to invest in the county’s future without placing unnecessary financial burdens on taxpayers.”
The S&P summary released this week also confirmed a positive outlook.
S&P Global Ratings reaffirmed Morris County’s AAA rating on its approximately $28.2 million Series 2025 General Obligation Bonds, as well as the county’s existing general obligation debt and debt guaranteed by the Morris County Improvement Authority.
“The stable outlook reflects S&P Global Ratings' opinion of the county's strong and robust economy, coupled with a history of positive finances and strong fund balance levels,” concluded the S&P summary.
County Holds Top Credit Rating Amid Federal Downgrades
The reaffirmation comes at a time when the federal government has experienced recent credit downgrades, highlighting the contrast in Morris County’s ability to maintain the highest rating through its disciplined financial stewardship.
Moody’s explained it this way: “The county has built a deep bench of civil servants and outside professionals to implement its policy objectives. This, plus a combination of a strong state-wide institutional framework and highly conservative budgeting, has allowed the county not only to strengthen its finances but to do so while providing various forms of assistance to its local governments.”
The AAA ratings benefit everyone in Morris County
The annual ratings assignment for 2025 involved a review of approximately $28.2 million in general obligation bonds being issued by the county, consisting of $20 million general improvement, $2.8 million in parks and $5.4 million county college bonds.
Moody’s Findings on Morris County’s Credit Strength
- Strong governance and healthy reserves
- Wealthy and growing economy
- Above-average resident wealth and income
Summary of S&P Findings on Morris County
- Very strong local economy
- Historically stable budgetary performance that has resulted in continued reserve improvement due to conservative budgeting, supported by a strong revenue base
- Robust and comprehensive management that includes conservative and forward-thinking budgeting practices. Policy highlights include:
- Long-term formal financial and capital-improvement plans
- Formal investment and debt-management policies
- Reserve policy that limits unreserved fund balance to no less than 12 percent of expenditures
The Moody’s and S&P outlook for the coming term is also stable, reflecting the expectation that the county will maintain a strong financial position and continue to benefit from its growing economy.
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Photo: (l-r) The Morris County Budget Committee: Commissioner Douglas Cabana, Commissioner Deborah Smith (committee chair) and Commissioner John Krickus.