Trenton mayor celebrates credit rating upgrade

Trenton Mayor Reed Gusciora announced Wednesday that Moody’s had given the city a long-term credit rating upgrade. 

Gusciora announced that Moody’s, an independent ratings agency, had upgraded the city’s long-term credit rating from Baa2 to Baa1, while maintaining the highest possible MIG-1 for the short-term. The mayor said the city, with the help of state aid, has kept a balanced budget sheet.

“This upgrade is an important affirmation of the progress Trenton has made in strengthening its financial position and restoring confidence in the City’s fiscal management,” Gusciora said. “Moody’s specifically cited our ongoing fiscal stability, stable budget, and healthy balance sheet — all of which are the result of disciplined financial oversight and strong collaboration with our State partners.”

Moody’s demoted the credit rating in 2022 after the city’s officials failed to pass a budget, according to The Trentonian.

Gusciora said modernizing the plagued Trenton Water Works will remain a priority for the city in future years.

“Our administration remains focused on responsible budgeting, long-term infrastructure investment, and creating a stronger economic future for residents,” Gusciora concluded. “This upgrade demonstrates that Trenton is moving in the right direction.”