City of Camden has maintained its investment grade A rating and its stable outlook.
Camden Mayor Victor (“Vic”) Carstarphen said at his State of the City address that the rating is a direct result of focus, foresight and fiscal discipline.
“Just over a decade ago, the city could not even muster an investment grade rating. Now, two years in a row, we are A rated. It’s all about good communication and collaboration, working alongside Congressman Donald Norcross, Governor Phil Murphy, and the Commissioner of the Department of Community Affairs, Jacquelyn Suárez to advance Camden’s revitalization,” Carstarphen said.
The bond rating reinforces the fact that Camden continues to move in the right direction.
In its report, issued just days ago, S&P stated, “The stable outlook reflects our view that the city will maintain its strong overall financial profile throughout the two-year outlook horizon, supported by strong state support and good recent economic momentum.”
The report goes on to say, “Within the past three fiscal years, the city has scrubbed its financial processes, reducing the number of accounts used, eliminating interfund receivables, and strengthening reserves.”
“I applaud the work and the financial controls that Mayor Carstarphen and his administration have adopted over the last five years and this maintained rating is outstanding example of that,” Camden County Commissioner Director Louis Cappelli Jr. said. “There is no question in my mind that he is charting a prudent and judicious course through these turbulent financial times and that the city is in good hands with him and his partners on City Council at the control panel.”
“Camden’s reaffirmed A rating from S&P is a powerful endorsement of the city’s economic resilience, financial discipline, and long-term vision,” Mark McDonough, president of New Jersey American Water and co-chair of Camden Community Partnership said. “This milestone reflects not only the strong leadership of Mayor Carstarphen, but also the collective commitment of Camden’s business community, civic partners, and residents. On behalf of New Jersey American Water, I am proud to support the Mayor’s vision, one that continues to invest in Camden’s infrastructure and future while delivering results that build lasting confidence in the city’s transformation.”
Other positives Camden has accomplished include:
- It continues to receive national attention for 50-year lows in crime, and 30-year lows in its unemployment rate.
- Other investments include a $3 Billion expansion of the Cooper University Health Care campus and a $250 Million dollar redevelopment of the Walter Rand Transportation Center, which will help to support this region’s future transit needs.
- The city’s market rate housing prices are up 40% since last year, while maintaining the lowest average property taxes in New Jersey.
- Hundreds of millions of dollars have been committed to new infrastructure like underground utilities, lighting, electrical and sub-station upgrades, new water mains, replacing lead service lines replacing sewer and storm water lines.
To view the S&P Global Rating Report, click here.
