MOODY’S INDEPENDENT
ANALYSIS
The Democrats’ claim that
Dumont was totally mismanaged for years is absolutely false !!!!
Taken directly from the
independent rating firm Moody’s from April, 2003, the prior
administration maintained Dumont’s “A”
financial rating in 2003 as it had for years.
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NEW ISSUE:
MOODY'S ASSIGNS AN A2 RATING TO THE BOROUGH OF DUMONT'S (NJ)
$3.2 MILLION GENERAL IMPROVEMENT BONDS, SERIES 2003
CREDIT:
style="color: blue; text-decoration: underline;
text-underline: single"> Dumont (Borough of)
NJ
MOODY'S ASSIGNS
AN A2 RATING TO THE BOROUGH OF DUMONT'S (NJ) $3.2 MILLION
GENERAL IMPROVEMENT BONDS, SERIES 2003 The current issue is
secured by the borough's general obligation unlimited tax
pledge. The A2 rating reflects the borough's fully developed,
stable tax base, low debt burden, stable financial operations
and Moody's expectation of maintenance of reserve levels. The
borough expects to issue approximately $1.3 million of Bond
Anticipation Notes in 2003. The borough has traditionally
replenished all appropriated fund balance. Public Finance
Group Moody's Investors Service Julie Beglin Public Finance Group Moody's
Investors Service Yaffa Rattner Moody's Investors Service Contacts
Journalists: (212) 553-0376 |
25 APR
2003 |
Again, taken direct from
Moody’s, in June of 2006, Dumont’s financial rating was downgraded
to “B” classification. As you can clearly see, Moody's attributed
the downgrade to
fiscal 2004 and 2005 deferred charges and debt, both years of which
McQuade and his fellow Democrats totally
controlled Dumont’s finances
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RATING UPDATE:
MOODY'S DOWNGRADES BOROUGH OF DUMONT'S (NJ) GENERAL OBLIGATION
DEBT RATING TO Baa1 FROM A2
CREDIT: style="color: blue;
text-decoration: underline; text-underline: single"> Dumont
(Borough of) NJ
MOODY'S
DOWNGRADES BOROUGH OF DUMONT'S (NJ) GENERAL OBLIGATION DEBT
RATING TO Baa1 FROM A2 The Baa1 rating also reflects the
borough's limited tax base development and manageable debt
levels. Key Statistics: 2000 Population: 17,503 2005 Equalized
Valuation: $1.96 billion Equalized Value Per Capita: $112,123
Per Capita Income as % of State: 98.1% Median Family Income as
% of State: 113% Overall Debt Burden: 1.8% Direct Debt: 0.5%
Fiscal 2004 Current Fund balance: $313,000 (2.2% of revenues)
Fiscal 2004 Deferred Charges: $1.78 million Unaudited Fiscal 2005 Current Fund
balance: $357,000 (2.3% of revenues) Fiscal 2005 Deferred
Charges, estimated: $1.5 million Outstanding Parity Debt: $6.1
million Analysts Aaron Dworkin
Moody's Investors Service Elizabeth Bergman |
21 JUN
2006 |
