Business & Tech
Newark’s Credit Outlook With Moody’s Slips: Report
Newark will likely need to raise property taxes, request aid from the state, or cut expenses – or all three, Moody's reported.
NEWARK, NJ — Moody’s downgraded the City of Newark’s credit outlook last week, a report says.
Newark’s credit outlook went from stable to negative, with Moody’s citing a $640 million municipal debt, NJ Advance Media reported.
“Newark will likely need to raise property taxes significantly, request aid from the state, and enact expenditure cuts, or some combination of the three, to halt the deteriorating financial situation,” Moody’s stated Friday.
Find out what's happening in Newarkfor free with the latest updates from Patch.
A credit outlook is different from a Moody’s credit rating, which attempts to measure the risk of defaulting on debt. Meanwhile, credit outlooks are an attempt to predict the future path of a credit rating.
Find out what's happening in Newarkfor free with the latest updates from Patch.
Moody’s upgraded Newark’s issuer rating – a measure of a borrower’s overall general creditworthiness – from Baa2 to Baa1, and revised the city’s outlook from “Positive” to “Stable” in 2024.
Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
