PATERSON RECEIVES MOODY’S CREDIT RATING UPGRADE

Paterson, NJ – Today, May 15, 2024, Mayor Andre Sayegh, alongside Business Administrator Kathleen Long and Chief Financial Officer Javier Silva, announced that Moody’s Investors Service (“Moody’s”) has upgraded the City of Paterson’s Issuer Rating and underlying general obligation debt rating from Ba1 to Baa3.

The upgrade to Baa3 is a testament to Paterson’s significant financial improvement and diligent fiscal management. This new rating reflects the City’s ongoing efforts to establish a firmer financial footing, with the Moody’s-adjusted available fund balance increasing to an estimated 12.6% of revenue as of 2022.

Mayor Andre Sayegh remarked, “This Moody’s upgrade is a pivotal moment for Paterson. It reflects our administration’s hard work and dedication to ensure responsible fiscal management and sustainable growth. I would especially like to thank our Business Administrator Kathleen Long and Chief Financial Officer Javier Silva for their integral role in achieving this upgrade. Their leadership and commitment have been invaluable in guiding us towards a more stable and prosperous financial future.”

Business Administrator Kathleen Long added, “Our strategic financial planning and disciplined budgeting practices are yielding positive results. This upgrade is a clear indication that we are on the right path.”

Chief Financial Officer Javier Silva stated, “The increase in our fund balance is a strong indicator of our improved financial position. We will continue to focus on maintaining this momentum to further strengthen Paterson’s financial stability.”

For the Moody’s Credit Opinion, please visit the Moody’s Investors Service Credit Opinion – City of Paterson.