01/17/2020 | News release | Distributed by Public on 01/17/2020 10:32
Moody's Investors Service issued its Annual Comment in late December on the state of Lower Merion Township's credit position and called it 'extremely strong,' with a rating of 'Aaa,' the highest possible score.
'Its Aaa rating far exceeds the median rating of Aa3 for U.S. cities,' Moody's analysts wrote. 'The notable credit factors include a robust wealth and income profile, an extensive tax base, and a strong financial position. The Township's credit position also reflects moderate debt and pension liabilities.'
The company reported that the median family income for Lower Merion residents is more than 243% of the U.S. median, and that the full value of Lower Merion's tax base is 'significantly larger' than the nationwide median.
For many years now, both Moody's and rating agency Standard & Poor's have cited Lower Merion's strong and sustainable financial management practices in rendering triple-A bond ratings for the Township, resulting in the lowest possible cost of bond issuance. Lower Merion is one of only a handful of townships in the United States to attain-and maintain-a triple-A credit rating from both of the largest rating agencies.