STANDARD & POOR’S UPGRADES CAMDEN COUNTY BOND RATING
For Immediate Release: June 5, 2008
Contacts: KEN SHUTTLEWORTH Cell (609) 472-8837

In a vote of confidence from Wall Street, Standard & Poor’s, one of the three major bond rating agencies, upgraded Camden County’s bond rating from A+ to AA-.

“This represents the highest bond rating from Standard & Poor’s in the history of Camden County, and will insure that taxpayers will pay less for future financing of capital debt,” said Freeholder Director Louis Cappelli, Jr. “This upgrade is remarkable and extraordinary, especially in light of the current national credit crisis, and can be traced to the county’s fiscal restraint and business-like approach in cutting the cost of government while still providing services to our residents.”

Standard & Poor’s credit analyst, Jennifer L. Rosso, said the upgrade reflects “continued expansion of the county’s economic and tax bases with consistent movement toward higher reserve balances.”

The rating agency said the upgrade also reflects continued suburban economic expansion with easy access to significant employment centers in the greater Philadelphia area, good overall financial performance and moderate overall debt burden.

“Contributing to the good financial performance cited by Standard & Poor’s, is the fact that we have brought costs under control by reducing the county work force in excess of 15% since 2005 and finding ways to share services with municipalities and other counties”, Cappelli explained.

The rating upgrade applies to all debt guaranteed by Camden County, including debt of the Camden County Municipal Utilities Authority (CCMUA) and the Camden County Improvement Authority (CCIA), the Freeholders’ economic development arm. Two major projects managed by these county agencies prompted Standard & Poor’s to re-evaluate the County’s financial position, which, in turn, led to the upgrade.

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