'Negative' outlook for Burlington bridge bond

Posted: February 23, 2013

A planned $48 million borrowing by the Burlington County Bridge Commission was assigned an Aa2 rating with a "negative" outlook by Moody's Investors Service on Friday.

The bond rating reflects Moody's assessment of the bonds as high quality and a very low credit risk, while the negative outlook was prompted by the county's debt level and Moody's concerns that "the county's narrowed financial reserves will be challenged to grow to adequate levels over the near-medium term."

The general obligation bonds are expected to be sold next Thursday, with the proceeds to be used to refinance existing debt at lower interest rates.

- Paul Nussbaum

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