Morris County Earns AAA Financial Ratings for 51st Consecutive Year
Published on June 02, 2026
Moody’s and S&P Reaffirm County’s Strong Fiscal Management and Stable Outlook
Morris County has again received the highest possible financial ratings from Moody’s Ratings and S&P Global Ratings, with both agencies reaffirming the county’s AAA bond rating and stable financial outlook following their annual review of county finances.
The dual AAA ratings mark the 51st consecutive year Morris County has received the highest assignment of both fiscal agencies for the county’s economic strength and prudent financial management.
“For more than half a century, Morris County’s AAA credit rating has been reaffirmed by both Moody’s and S&P, underscoring our bedrock tradition of careful and diligent stewardship of public finances. While we continue to invest in critical infrastructure and annually improve the public services our residents deserve and expect, our fiscal discipline has earned us a sturdy financial reputation that saves taxpayers substantial dollars in interest fees when the county or participating local governments must borrow for major infrastructure projects,” said Commissioner Deborah Smith, chair of the Morris County Board of County Commissioners’ Budget Committee.
Both rating agencies affirmed a stable outlook for Morris County, reflecting expectations that the county will maintain strong financial operations, healthy reserves and continued economic stability in the coming years.
“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,” Moody’s concluded in its AAA assignment to Morris County.
The annual ratings assignment for 2026 involved a review of an anticipated $46.4 million in General Obligation Bonds, Series 2026, consisting of $39.1 million General Improvement Bonds, $985,000 Park Bonds and $6.3 million County College Bonds.
“The county has consistently maintained positive finances in the past five fiscal years because of management's conservative budgeting,” S&P concluded, adding, “Robust and comprehensive financial management practices and policies include conservative and forward-looking budgeting practices, long-term formal financial and capital improvement plans, formal investment and debt management policies, and a reserve policy that limits unreserved fund balance to no less than 12 percent of expenditures.”
The AAA ratings benefit everyone in Morris County
The top-tier ratings allow Morris County and participating local governments to access the most favorable interest rates when financing capital improvements and infrastructure projects, helping reduce long-term borrowing costs and saving taxpayers substantial amounts over the life of the bonds.
“Once again, Morris County’s responsible fiscal management and long-term planning receive top ratings by S&P and Moody’s, as we maintain the second lowest average county taxes in New Jersey, yet continue to offer the highest level of services,” said Commissioner Deputy Director John Krickus, a member of the budget committee.
S&P: Morris County’s Ranking Higher Than Federal Government
“Morris County is eligible for a rating higher than the sovereign because we think the county can maintain strong credit characteristics relative to the nation in a stress scenario,” S&P concluded, adding, “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 balances.’
Moody’s Findings on Morris County’s Credit Strength
“Morris County's financial position will remain healthy and a credit strength as management continues to budget conservatively,” Moody’s concluded, adding in its report, “The county's finances have been stable for many years. Management has a long history of accurate and conservative budgeting and routinely outperforms its budget.”
Moody’s continued to list Morris County’s credit strengths as:
- Strong and stable finances
- Large, diverse and wealthy economy with stable employer presence
- Exceptionally strong, proactive financial management
“Morris County’s finances are being commanded with keen foresight, careful analysis and detailed planning, and 51 years of consistent AAA ratings is far more than a simple recognition of that fact. It is a public endorsement of the management strategy employed by Morris County on a daily basis,” said Commissioner Douglas Cabana.
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