WILDWOOD – Moody’s Investor Services recognized this city’s fiscal hard work and positive financial outlook by raising its long-term rating from 2015’s A-2 to the current AA- rating.
In its April 13th opinion, the investor services company noted the AA- rating was based on Wildwood’s satisfactory financial position and manageable debt level, among other factors. The AA- rating indicates Wildwood’s strong capacity to meet its financial commitments.
The opinion states, “The stable outlook reflects S&P Global Ratings’ opinion of Wildwood’s strong performance and flexibility. The city’s sizable tax base and very strong market values per capita provide additional stability.”
“We are thrilled to see this new rating,” said Commissioner Pete Byron. “It shows that Wildwood’s fiscal outlook is improving and our future is strong as we are continuing to move in a positive direction.”
Fiscal strengths such as an adequate economy, adequate fiscal management, strong budgetary performance and flexibility, very strong liquidity and a strong institutional framework score were all listed as part of the rationale for raising the city’s score.
“This rating upgrade is the product of strong fiscal management, the addition of new sources of revenue and innovative programs,” said Byron, who oversees Wildwood’s Department of Revenue and Finance. “We will continue to be vigilant in bringing new growth opportunities to the city in order to expand our tax base and in the long run, lessen the burden on property owners.”