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MOODY'S LOWERS RATING ON WOODBRIDGE TOWNSHIP, N.J. FROM 'Aa' to 'A1'; CITES SIZABLE ISSUANCE OF FY ADJUSTMENT BONDS AND ECONOMIC SLOWDOWN

MOODY'S LOWERS RATING ON WOODBRIDGE TOWNSHIP, N.J. FROM 'Aa' to 'A1';

CITES SIZABLE ISSUANCE OF FY ADJUSTMENT BONDS AND ECONOMIC SLOWDOWN
 NEW YORK, Oct. 12 /PRNewswire/ -- Effective today, Moody's Investors Service lowered the rating on $81.985 million of outstanding general obligation debt of Woodbridge Township.
 The sizable 70 percent increase in debt resulting from the issuance of Fiscal Year Adjustment Bonds combined with slowed payout on debt, a stagnant tax base, socioeconomic characteristics which are close to or have lagged behind state norms, and narrowed financial position contribute to the rating revision from 'Aa' to 'A1.' This strategically located New Jersey township, the fifth largest municipality in the state in terms of population, has a sizable diverse tax base including major commercial and industrial properties whose strengths contribute to above average bondholder security.
 The township's newly elected administration, faced with a weakened financial position, has demonstrated their commitment to restoring fiscal balance by implementing an aggressive managerial reorganization and undertaking difficult personnel reductions. Despite the willingness to make difficult but prudent financial decisions, the burden of this additional debt and the ability to address the changing service needs of this maturing community represent new and more significant challenges to long-term financial stability.
 -0- 10/12/92
 /CONTACT: Marci Herzlinger Tavashi, assistant vice president, 212-553-7166, or Marie S. Pisecki, assistant vice president/supervisor, 212-553-7120, or Michael Johnston, vice president/manager, 212-553-7810, all of Moody's/ CO: ST: New Jersey IN: SU: RTG


PS-OS -- NY058 -- 8935 10/12/92 15:56 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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